empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

27.08.201908:31 Forex Analysis & Reviews: Gold remains inside weekly bullish channel

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price broke above the short-term trading range and is closing in on our next upside target of $1,570 which is the 161.8% Fibonacci extension of the first upward move. Trend remains bullish as bulls have so far defended the key support at $1,500-$1,490.

Exchange Rates 27.08.2019 analysis

Red lines - bullish channel

Green line- major trend line support

Blue lines -extension targets

Gold price continues to make higher highs and higher lows. Price has made a new yearly high at $1.555. The short-term resistance at $1,530 was broken and this has fueled this push above $1,550. Support remains key for the short-term at $1,500. Resistance is at $1,570. In shorter time frames there are bearish divergence signs by the RSI. Eventually this signs will be confirmed and my most probable target for a pull back would be $1,450-$1,400. No reversal sign yet, but bulls need to be cautious. Raising their stops is key in order to stay inside this bullish trend, but also avoid being caught with the wrong position when the correction comes.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off