17.07.202407:06 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Gold Commodity Asset, Tuesday July 16, 2024.

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.

If we look at the 4 hour chart of the Gold commodity asset, you can see that the price is moving harmoniously within the Bullish Pitchfork channel which is going upwards, which shows that Gold is in a strengthening condition, coupled with the position of the EMA 20 which is above the EMA 50 and the movement of Gold prices is also is above it, then it is confirmed that the strengthening that is taking place in this Gold commodity asset so that in the near future Gold will have the potential to go to the level of 2439.27 as the main target and 2450.06 as the second target, but with the appearance of deviations between the Gold price movement which forms Higher - High while the Stochastic indicator On the contrary, the Oscillator forms a Higher Low, giving an indication that in the near future Gold has the potential to be corrected to weaken to the level of the bullish Fair Value Gap in the range of 2400.81, but as long as the weakening correction does not exceed below the level of 2377.71, the strengthening scenario that will occur in the Gold commodity asset is still keep running and going safely.

(Disclaimer)

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.