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

13.04.202109:23 Forex Analysis & Reviews: GOLD Natural Decline!

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 plunged and it now stands at $1,725 level. The decline was somehow expected after reaching $1,755 static resistance. Technically, the retreat is natural after the most recent swing higher.

The yellow metal plunges even if the USD stays lower versus its rivals in the short term. It remains to see how the price will react after the US inflation data will be released.

Some poor US economic figures during the week should attract the buyers back on gold. Actually, the price of gold could turn to the upside again after ending its current temporary decline.

XAU/USD Turned To The Downside!

Exchange Rates 13.04.2021 analysis

Gold has found resistance at $1,755 and right above the ascending pitchfork's median line (ml). Now it flirts with the weekly S1 ($1,723) level, closing below it could signal a further decline towards the lower median line (lml).

The drop below the descending pitchfork's median line (ML) signals that XAU/USD could approach also the inside sliding line (SL) if the USD starts increasing again.

Gold Forecast!

Selling at this point is risky as the rate could jump higher anytime as long as it stays above the S1 ($1,723). Only a breakdown below the ascending pitchfork's lower median line (lml) could really announce a deeper decline.

We could have a first long opportunity if the price comes back and stabilizes above the median line (ML) of the descending pitchfork. Still, a larger upwards movement will be confirmed by a valid breakout above $1,755.

A new higher high, jumping and closing above $1,758 could bring us a new long opportunity with a first target at $1,800.

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