11.06.202022:07 Forex Analysis & Reviews: Gold price remains inside trading range since April

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 reached again the upper trading range boundary at $1,750. Gold price continues to move sideways the last few months. Now being close to the upper boundary it is time to consider our options.

Blue rectangle- resistance

Blue lines -trading range

Gold price is at major resistance area once again. As long as Gold trades below $1,750 we prefer to be neutral or bearish. A possible double top rejection at $1,750 could lead to another decline below $1,700. Gold price has made no real progress since April. Being close to key resistance I prefer to try a short position with a tight stop. Short-term support is found at $1.716. Breaking below it will increase chances of moving towards lower trading range boundary at $1.670.

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.