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

02.06.201509:23 Forex Analysis & Reviews: Gold technical analysis for June 2, 2015

Long-term review
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 price has bounced towards the short-term resistance at $1,200 as expected and got rejected. The price is below $1,190 again as bulls are not strong enough to break above $1,200. Support still holds the level of $1,180, but I do not believe it will last much longer. Time for a plunge towards $1,130-40 is getting closer.

Exchange Rates 02.06.2015 analysis

Red line = support

Gold price reached the cloud resistance and got rejected. The price is trading below the cloud confirming the short-term trend remains bearish. The red trend-line support at $1,185-80 remains intact as price is trading around it. There is no clear break of support yet.

Exchange Rates 02.06.2015 analysis

The weekly chart remains bearish as the price got rejected by the tenkan-sen yesterday and is trading below the cloud today. The upward move from $1,140 in 3 waves is corrective. Support is seen at $1,169. If bulls break that level, I will feel very confident about moving towards $1,130.
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