06.05.202115:03 Forex Analysis & Reviews: Gold price could soon give a bullish signal with $1,837 as target

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 price is trading very close to important short-term resistance. Price as we mentioned in a previous analysis is trading inside a trading range and if price breaks out of the trading range, we will have a trading signal.

Black line - upper boundary of trading range

Blue line -lower boundary of trading range

Red lines - expected size of upward move if resistance is broken.

Gold price is trading very close to the $1,799 resistance. Breaking above it will give an upward thrust to price equal to the size of the trading range. This bullish signal if given, will give $1,737 as the first target. Bulls need to continue making higher highs and higher lows and they can achieve even higher levels above $1,837. Support is at $1,787 and if broken there is danger that we could see another pull back towards the lower boundary of the trading range. Breaking the lower boundary will open the way for a decline towards $1,740.

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.