29.07.201115:18 Forex Analysis & Reviews: GOLD Technical Correction, July 29, 2011 (Daily Strategy)

Long-term review

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

The price of gold is once again at an all time high after it succeeded in jumping over the significant resistance level of 1600 dollars at the beginning of the week. the negative deviation has been created in the MACD indicator which suggests that a steep fall in the price of gold can be expected in the immediate future.

A daily closure, once again beneath the resistance and test level of 1600, will confirm the potential trend reversal and the move to a wave of price drops, Just a short correction can be expected to lower the price of gold in the direction of the support level at 1550 dollars.

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.