For Traders

Analytical Reviews

Technical analysis

12.09.201917:50 Forex Analysis & Reviews: Gold 09.12.2019 - Strong rejection of the resistance cluster at $1,518, more downside yet to come

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 did exactly what I expected yesterday and our upward target at the price of $1,518 has been reached. I found strong reaction from sellers of the key resistance at $1,518, which is sign that new down wave is possible and re-test of $1,483.

Red rectangle – Resistance cluster

Yellow rectangle – Support cluster

Gold got rejected of the strong resistance and there is chance for more downside. Test of the $1,483 is very likely to happen. The Gold is trading below two major levels. Support is seen at the price of $1,483 and resistance at $1,518. If the Gold breaks the level of $1,483, next downward level will be at $1,458. I wouldn't watch for long positions as long as the Gold is trading below the $1,520.

Back to the list

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.