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

08.07.202011:45 Forex Analysis & Reviews: GOLD Flirting With Psychological Resistance!

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 has resumed the bullish movement and now is pressuring the $1,800 level. Technically, the price is expected to take out this obstacle and to approach and reach fresh new highs. The uptrend was confirmed by several retests of a dynamic support, I believe that only a significant reversal pattern on the $1,800 could send the quote down again.

The gold price has resumed the uptrend, neglecting the latest US data. The global risk is high and the yellow metal is very attractive. The USD further drop could attract more buyers.

Exchange Rates 08.07.2020 analysis

The gold price was rejected by the median line (ml) and by the PP ($1,773), confirming further growth. The aggressive breakout above the sliding line (sl) and above the R1 ($1,790) has suggested buying.

The upper median line (uml) of the minor orange ascending pitchfork could attract the price as long as it is trading above the inside sliding parallel line (sl). The R3 ($1,821) is seen a potential target as well.

  • GOLD Trading Opportunity

The last bullish candle has signaled a further increase, but we still need confirmation, so maybe you should wait for a valid breakout above the $1,800 psychological level before going long with a target at the upper median line (uml). The upper median line (uml) and the R3 ($1,821) could be potential obstacles/targets, a valid breakout above these levels will announce a major upside movement.

Gold is bullish as long as the price is located above the median line (ml) of the orange ascending pitchfork. Only a major bearish engulfing or a false breakout with a huge separation above the $1,800 will signal that the upside is finished.

Ralph Shedler
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