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The gold price has pulled back as expected but it stays above a very important support. A confluence of short-term Fibonacci retracements is at the $1,130-35 area which provides support for the gold price. The short-term trend remains bullish as long as the price is above this area.
Blue area - supportThe gold price is trading above the 4-hour chart Ichimoku cloud and above the confluence of the Fibonacci retracements relative to the $1,110 and $1,080 lows. The gold price reversed lower from $1,170 and is now testing support. So a break below this support will be a bearish sign. A bounce from the current levels will find resistance at $1,150.
The weekly candle got rejected at the 61.8% Fibonacci retracement and is pulling back to test the tenkan-sen (red indicator). A weekly close below this indicator will be a bearish signal for the medium term. The long-term trend remains bearish as the price remains below the weekly Ichimoku cloud.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.