04.10.201709:04 Forex Analysis & Reviews: Technical analysis of gold for October 04, 2017

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 price has broken out of the downward sloping triangle pattern. Both RSI indicators have suggested that a bounce was imminent. Minimum target for the bounce is the $1,295 area.

Black line - resistance

Blue lines - bullish divergence signs

Gold price has broken above the triangle pattern and is bouncing towards the Ichimoku cloud resistance of $1,288. Support is at $1,268 now and if broken we should expect a move towards $1,260-50. Trend remains bearish as long as price is below $1,316.

On a daily basis we have the first signs of a possible 20$ bounce towards $1,298. There are bullish divergence signs in the RSI and I do not expect to see Gold price trading near the lows for much longer. The $1,300 level is expected to be tested again.

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.