26.09.202217:13 Forex Analysis & Reviews: Gold reaches $1,620 target

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

Gold price started the trading week under pressure with price falling very close to our $1,620 target. Today's low at $1,626 was followed by a sharp recovery back to last week's close. Gold price is bouncing off the lower channel boundary and with the RSI already providing a bullish divergence. Gold justifies a bounce higher towards $1,670 from current levels. Short-term trend remains bearish as price is still inside the downward sloping channel from $1,800. A bounce towards $1,670 would be a shorting opportunity. There are increased chances of seeing something like this the current week. Our bounce target area is between $1,660 and $1,680. We might first re-visit the $1,620 lows before bouncing 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.