The gold price remains inside its sideways trading range in what it seems a triangle pattern. The short-term trend is neutral. Gold is very close to important long-term support. A bounce is expected. There has been no reversal confirmation yet.
Blue line – short-term resistance
Green line – short-term support
The gold price is trading sideways between $1,143-$1,127. These two levels are important short-term support and resistance levels that, if broken, will at least provide a 10-20$ move.
Red lines – downward sloping wedge
The weekly price continues to trade inside the downward sloping wedge and below the weekly cloud. Oscillators are diverging at oversold levels, but unless the price breaks above $1,150, there is no confirmation of a short-term trend change. Above $1,280-$1,300, the bullish scenario will once again become dominant.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The gold price remains inside its sideways trading range in what it seems a triangle pattern. The short-term trend is neutral. Gold is very close to important long-term support. A bounce is expected. There has been no reversal confirmation yet.
Blue line – short-term resistance
Green line – short-term support
The gold price is trading sideways between $1,143-$1,127. These two levels are important short-term support and resistance levels that, if broken, will at least provide a 10-20$ move.
Red lines – downward sloping wedge
The weekly price continues to trade inside the downward sloping wedge and below the weekly cloud. Oscillators are diverging at oversold levels, but unless the price breaks above $1,150, there is no confirmation of a short-term trend change. Above $1,280-$1,300, the bullish scenario will once again become dominant.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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