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

28.10.202023:35 Forex Analysis & Reviews: Gold price rejection at cloud 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.

For the last few sessions we have been warning bulls that as long as Gold price is below the Kumo resistance it is vulnerable on a move lower. We specifically noted that key support was at $1,892 and a break below it would be our next bearish signal.

Exchange Rates 28.10.2020 analysis

Gold price has broken below the kijun-sen (yellow line indicator) and below the $1,892 low. This is the bearish signal we were expecting. What bears want to see now is the tenkan-sen (red line indicator) cross below the kijun-sen and the Chikou span (black line indicator) to fall below the cloud. Next support for Gold is at $1,850. I expect price to break below it towards $1,800. I'm bearish as long as price is below $1,913.

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