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

22.03.202315:18 Forex Analysis & Reviews: Technical analysis on Gold for March 22nd, 2023.

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.

Exchange Rates 22.03.2023 analysis

Violet lines- Fibonacci retracement levels

Blue lines- bullish channel

Gold price is under pressure. Trend is still bullish as price continues trading inside the blue upward sloping channel. In the near term price is vulnerable to a pull back towards the lower channel boundary at $1,840. Short-term support is found at $1,900-$1,910. Failure to hold above this level will lead price lower towards the lower channel boundary. Gold price trend remains bullish and we still consider this decline as just a pause of the up trend. A weekly close below $1,870 would be a bearish sign and would cancel last week's bullish candle. Gold has risen nearly 400$ over the last few months and the October low. It is very probable that the entire upward move is finished and Gold is making a deep pull back. If this is the case we could see Gold price even below $1,800. It is too soon to tell if a major top is in. As long as price is inside the bullish channel, bulls are in control.

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