Gold price is showing short-term signs of an upward reversal. Price is inside my target area for an important low to be created, so the next leg up I expect in Gold could start anytime now.
At current levels I’m only buying Gold. Gold has short-term resistance at $1,233 and next at $1,250-70. Gold price needs to start making higher highs and higher lows now in order to get a trend reversal confirmation. Oscillators are oversold in the short-termso at least a short-term bounce towards resistance should be expected.
Green line – long-term resistance
Red line – divergence trend line
On the weekly chart there are multiple divergence signals in the RSI. Combined with the fact that price has broken above the Ichimoku cloud and is back testing it now, I expect prices to bounce off the Kumo (cloud) and break above the long-term trend line resistance and push price above $1,400.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is showing short-term signs of an upward reversal. Price is inside my target area for an important low to be created, so the next leg up I expect in Gold could start anytime now.
At current levels I’m only buying Gold. Gold has short-term resistance at $1,233 and next at $1,250-70. Gold price needs to start making higher highs and higher lows now in order to get a trend reversal confirmation. Oscillators are oversold in the short-termso at least a short-term bounce towards resistance should be expected.
Green line – long-term resistance
Red line – divergence trend line
On the weekly chart there are multiple divergence signals in the RSI. Combined with the fact that price has broken above the Ichimoku cloud and is back testing it now, I expect prices to bounce off the Kumo (cloud) and break above the long-term trend line resistance and push price above $1,400.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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