Technical analysis of Gold for October 20, 2016
October 20, 2016 7:13 amVideo
Latest News
- GBP/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- EUR/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- GBP/USD: trading plan for the US session on April 22nd (analysis of morning deals). The pound continues to fall April 22, 2024
- EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within April 22, 2024
- EUR/USD. April 22nd. Christine Lagarde’s speech will set the tone for the week April 22, 2024
- Technical Analysis – EURGBP brings bullish scenario back to the table April 22, 2024
- GBP/USD. April 22nd. The bulls continue to retreat April 22, 2024
- Can Australian CPI data lift the struggling aussie? – Preview April 22, 2024
- Meta reports Q1 earnings after new AI model – Stock markets April 22, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US dollar index on April 22, 2024
- Technical Analysis – GBPUSD tumbles to 5-month low April 22, 2024
- Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 22nd April 22, 2024
- Video market update for April 22, 2024 April 22, 2024
- Weekly Technical Outlook: 22/04/2024 – Dollar index, USDJPY, EURUSD April 22, 2024
- Market Comment – Risk appetite returns as geopolitical fears calm April 22, 2024
- Weekly Technical Outlook – Dollar index, USDJPY, EURUSD April 22, 2024
- Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga April 22, 2024
- USD/JPY: trading tips for beginners for European session on April 22 April 22, 2024
- Technical Analysis – EURUSD consolidates after decline pauses April 22, 2024
- GBP/USD: trading tips for beginners for European session on April 22 April 22, 2024
As expected Gold price has broken above the trading range and has reached $1,270. Important resistance is at $1,280 and if broken we could see Gold price reach for $1,300 and higher over the next couple of weeks. A short-term trend is bullish as long as we hold above $1,250.
Red lines – trading range
Gold price is trading inside the Kumo (cloud). Therefore, a trend is neutral and needs to break out above the cloud to become bullish. Technically a short-term trend is bullish as price has broken above the trading range and is making higher highs and higher lows.
On a daily basis we have a bullish reversal also shown by the oscillators and I believe that minimum target is the yellow kijun-sen indicator. Next target will be the Kumo (cloud) at $1,300-$1,325. I remain longer-term bullish. As I have been saying $1,250 was the level to be bullish Gold.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: