25.07.202216:30 Forex Analysis & Reviews: Gold price bounce target of $1,760 is still in play.

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.

Red lines- bearish channel

Blue lines- bullish RSI divergence

Black lines- expected path

Gold price has so far made one leg higher from $1,680 to $1,740 and is now pulling back. I expect to see Gold price forming a higher low and then starting a second leg higher towards the upper channel boundary. We must not forget that Gold price remains inside the medium-term bearish channel. Gold price has the potential to reach the upper channel boundary around $1,750-60 but first I can see it forming a higher low around $1,700-$1,720. At current levels traders better be patient as we are in the middle between the two channel extremes. Short-term momentum seems to favor bulls after the major reversal candle last week that touched $1,680 but closed much higher.

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.