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Technical analysis

09.07.202015:08 Forex Analysis & Reviews: Gold remains in bullish trend

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Gold price is very close to the 2020 higher highs that made yesterday. Trend remains bullish. Price is in a medium-term bullish trend and as long as price is above $1,750-60 level bulls have nothing to fear.

Exchange Rates 09.07.2020 analysis

Red lines - bullish channel

Green rectangle- support zone

Gold price is approaching the upper channel boundary. This resistance is at $1,833. Our upside targets have been reached. Bulls need to be cautious as it is justified to see a pull back towards $1,760. Longer-term trend remains bullish as long as price is above $1,660. A pull back towards $1,785 area is highly likely. But be careful, trend is bullish and we consider such a pull back as an opportunity to buy not to go short.

Alexandros Yfantis
Analytical expert of InstaForex
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