02.07.201916:13 Forex Analysis & Reviews: Gold bounce could be near

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 remains in a short-term bearish trend but medium-term trend remains bullish as long as price is above the break out area of $1,350-60. Gold price could make one minor new lower low but is expected to bounce strongly towards at least $1,400.

Green line - major support trend line

Red rectangle- broken support

Gold price is trading right above the green trend line support. Price so far has retraced 50% of the rise from $1,320 and only 38% of the rise from $1,275. Gold price is expected to bounce from around current levels at least towards $1,400. Gold price has resistance the previous support at $1,400. Major resistance next is found at $1,425. If broken we expect Gold to see $1,500. Until then price is vulnerable to the downside.

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.