05.11.201916:34 Forex Analysis & Reviews: Gold 11.05.2019 - Successful rejection of our key pivot resistance, Gold is aproaching our main downward target and important pivot level

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 has been trading downwards as we expected. Since the Gold did rejection from our major multi-pivot resistance at $1.515, downside was preferable. Anyway, there is still little more space for downside and selling on the rallies would be preferable.

Next important pivot levels are set at the price of $1.482-$1.475. This zone will be very important for the further development on the Gold. Watch the price action around it.

Rejection of this zone can confirm further upside but the downside breakout may confirm further bearish sentiment and potential test of major low at $1.459.

MACD oscillator made new momentum down, which is sign that sellers are in control.

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.