For Traders

Analytical Reviews

Technical analysis

09.04.202119:59 Forex Analysis & Reviews: Gold price finds it difficult to break above $1,755-60 horizontal 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 bulls have managed to recapture the $1,720-40 level and this was an important win for them in the battle to approach $1,800 again. Price has now stopped and has showed rejection signs at the horizontal resistance of $1,755-60.

Green lines - bearish channel

Blue line - horizontal resistance

Gold price is getting rejected for the third time at the blue horizontal trend line. This trend line has proven important over the last few months as it was tested and provided support or resistance several times. The rejection at this horizontal resistance is not necessarily bad. Gold price needs a pull back towards $1,740-20 area in order to regain momentum and gather more strength for an upward break above $1,760 and to finally reach $1,780 our first target after breaking $1,740. This pull back is a buying opportunity in Gold.

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.