For Traders

Analytical Reviews

Technical analysis

09.04.202014:31 Forex Analysis & Reviews: Analysis for Gold 04.09.2020 - Watch for reaction at the major pivot high at $1.674 to confirm further direction

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.

Corona virus news:

Japan's health ministry said Thursday that the country had more than 500 new cases for the first time on Wednesday, bringing the national total to 4,768 excluding hundreds from a cruise ship quarantined near Tokyo earlier this year.

The continuous climb comes two days after Prime Minister Shinzo Abe declared a state of emergency in Tokyo and six other hard-hit prefectures, while asking people to reduce at least 70% of human interactions.Speaking in parliament on Thursday morning, he defended his government's handling of the Covid-19 crisis and said the continuing lockdown, which has been in effect since 14 March, was the best way to tackle contagion

Technical analysis:

Gold has been trading upwards. The price tested the level of $1.664. The important pivot is set at the price of $1.674. Watch for the price action at the important pivot to confirm further direction.

The eventual failures to test or break the pivot resistance at $1.674, may lead Gold downside towards the levels at $1.64 and $1.618.

The eventual upside breakout of the resistance at $1.674 may lead the Gold towards the level at $1.700.

Stochastic oscillator is showing fresh upside flimp, which is indication of the upside cycle.

Resistance levels are set at the price of $1.674.

Support levels are set at the price of $1.640 and $1.618.

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.