20.03.202317:36 Forex Analysis & Reviews: Technical analysis on Gold for March 20th, 2023.

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.

Red lines- bullish channel

Gold price is trading around $1,969. After briefly reaching as high as $2,009 Gold price has started to turn around. Price continues making higher highs and higher lows. Price remains inside the upward sloping channel. Trend remains bullish. As long as price remains inside the short-term bullish channel, trend will remain bullish. At $1,950 we find the lower channel boundary. This is key short-term support. The RSI has started turning lower from overbought levels. A pull back towards the lower channel boundary is the most probable scenario for the near term.

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.