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When Gold price was trading around $1,450, we noted the bullish divergence signs in the 4 hour chart and we mentioned that it was time for at least a short-term bounce towards the 38% Fibonacci retracement resistance at $1,474, while the first important resistance and target was $1,466.
Orange rectangle- resistanceGreen lines - bullish divergence
The 4 hour RSI is turning upwards from oversold levels and after providing us with a warning for bears with the bullish divergence. Gold price is moving higher and has reached the $1,466 resistance area. Important Fibonacci resistance is found at $1,474 and breaking above it would open the way for a move towards $1,490 which is the 61.8% Fibonacci retracement and the medium-term previous support now resistance.
In Ichimoku cloud terms trend is bearish. Price is below the Kumo (cloud). Cloud resistance is at $1,478. The bounce is highly likely that it will push towards that level for a back test of the cloud. This area would be a nice resistance levels for new short entry positions in case of a rejection. We are sellers in any bounce in Gold price as long as price is below $1,525.Dzięki analizom InstaForex zawsze będziesz na bieżące z trendami rynkowymi! Zarejestruj się w InstaForex i uzyskaj dostęp do jeszcze większej liczby bezpłatnych usług dla zyskownego handlu.