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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.¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.