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

30.12.201913:43 Forex Analysis & Reviews: Ichimoku cloud indicator short-term analysis of Gold for December 30, 2019

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 has given several bullish signals but bulls need to be cautious. Usually after such cloud break outs we have a back test. If this back test unfolds as usually, we should not be surprised to see Gold price retest $1,500-$1,490.

Exchange Rates 30.12.2019 analysis

Red line - resistance (broken)

Green line - support

Gold price is short-term overbought. Price justifies a pull back towards the cloud support or at least the tenkan-sen (red line indicator). The expected pull back should reach the $1,500-$1,490 area. Bouncing off that area would be another bullish sign. At current level I prefer not to add to long positions and chase the price. Patience is needed for traders to wait for a pull back. Trend is bullish as long as price is above the cloud.

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