For Traders

Analytical Reviews

Technical analysis

16.10.201916:59 Forex Analysis & Reviews: Gold 10.16.2019 - Downward channel in control, watch for selling opportunities

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 is still trading inside of the downward channel and in corrective mode. As long as the down channel is active, I would watch for selling opportunities on the rallies. I still expect more downside with the target at 1,460.

Orange rectangle – Important resistance level

Yellow rectangle – Important support level

Parallel purple lines – Downward channel

Falling purple line – Expected path

Watch for selling opportunities due to down trend in the background. I found series of the lower lows and lower highs in the background, which his another indication of the downward trend. Resistance levels are found at 1,491 and 1,497. Support level Is seen at 1,460.

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.