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09.04.202015:13 Forex Analysis & Reviews: Gold price approaches our short-term target of $1,670-80.

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In yesterday's analysis we mentioned that Gold price is vulnerable to the downside, but trend remained bullish as long as price is above $1,638 and we can see a new higher high towards $1,670-80.

Exchange Rates 09.04.2020 analysis

Gold price is moving back up towards the red trend line resistance. The RSI is again at overbought levels and it is very critical to see if we get a bearish divergence. Trend changes on a break below $1,653. Resistance is at $1,683. Traders need to be very cautious. The stochastic oscillator is turning upwards but is still far away from its recent high. Here we have a bearish divergence. I continue to expect a pull back and continue to believe that when price is close to resistance and far from support, it is not a good idea to be bullish.
Alexandros Yfantis
Analytical expert of InstaForex
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