04.01.202010:49 Forex Analysis & Reviews: Gold price creates condition for a move to $1,600

Esta información se proporciona a clientes minoristas y profesionales como parte de comunicación de marketing. No contiene y no debe interpretarse como asesoramiento o recomendación de inversión o una oferta o solicitud para participar en cualquier transacción o estrategia en instrumentos financieros. El desempeño pasado no garantiza o predice el desempeño futuro. Instant Trading EU Ltd. no asume ninguna representación ni responsabilidad sobre la precisión o integridad de la información proporcionada, o cualquier pérdida que surja de cualquier inversión basada en el análisis, pronóstico u otra información proporcionada por un empleado de la Compañía o de otra manera. El descargo de responsabilidad completo está disponible aquí.

Gold price gave us some warning reversal signs last week when it was trading around $1,530. However these warning signs never gave reversal sign as the bearish divergence was canceled by the strength of the move in price this last Friday. The strength of the move has indicated that more upside should be expected.

Blue lines - bearish channel corrective move

Red channel - new bullish move

Black line - expected path

Green line - RSI divergence (canceled)

As we explained in previous posts, the pull back in Gold price from August to September was just a pause to the bigger upward trend. This was a corrective phase. Now price is in a new bullish phase as the RSI suggests inside the red channel. This past week we warned bulls to be cautious in case the RSI got rejected once again at the green resistance line. However this was not the case as bulls were too strong and the RSI price broke above the green line giving new higher highs. This was a sign of strength. This does not mean that Gold can continue this parabolic run forever. Traders need to be cautious still. A pull back towards $1,515 is justified and could provide another opportunity to go long before reaching $1,600. Trend remains bullish as we have noted after recapturing $1,490-$1,500. This is not the time to bet against the trend but wait patiently for any pull back as a buying opportunity.

Volver a la lista

Abra una cuenta de operaciones

¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.