Gold price remains in a bearish short-term trend and making lower lows and lower highs. Price remains trapped inside the bigger sideways trading range between $1,300 and $1,360. The importance of both these levels is very big as any breakout would lead to a 100$ fall or rise at least.
Black lines – trading range
Gold price is below the Ichimoku cloud on the 4-hour chart and is making lower lows and lower highs. Price is near the lower boundary of the trading range. Price has reached the 78.6% Fibonacci retracement of the rise from $1,300. Gold price is near critical support. The stochastic oscillator is giving bullish divergence signals. This is a warning for bears and not a bullish reversal sign.
Red line – long-term resistance trend line
The weekly chart shows Gold price near the long-term resistance trend line. A rejection here will be confirmed with a break below $1,300 and will open the way for a decline towards the weekly cloud around $1,200-$1,180 area.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price remains in a bearish short-term trend and making lower lows and lower highs. Price remains trapped inside the bigger sideways trading range between $1,300 and $1,360. The importance of both these levels is very big as any breakout would lead to a 100$ fall or rise at least.
Black lines – trading range
Gold price is below the Ichimoku cloud on the 4-hour chart and is making lower lows and lower highs. Price is near the lower boundary of the trading range. Price has reached the 78.6% Fibonacci retracement of the rise from $1,300. Gold price is near critical support. The stochastic oscillator is giving bullish divergence signals. This is a warning for bears and not a bullish reversal sign.
Red line – long-term resistance trend line
The weekly chart shows Gold price near the long-term resistance trend line. A rejection here will be confirmed with a break below $1,300 and will open the way for a decline towards the weekly cloud around $1,200-$1,180 area.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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