08.01.202016:00 Forex Analysis & Reviews: Gold 01.08.2020 - Main upside target at the prrice of $1.600 reached, watch to buy on the dips due to strong bullish condition in the background

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 reached my main target at the price of $1.600 but it lots of buyers exited their long positions there, which caused the price to trade lower towards the support at $1.570.

My advice is still to watch for buying opportunities on the dips and seems like that Gold is oversold on intraday prospective. Upward targets are set at $1.588 and $1.600.

Resistance level is seen at the price of $1.585 and $1.600

Support levels are seen at $1.570 and $1.555

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.