Gold has broken the short-term triangle consolidation to the downside generating a short-term sell signal. Gold price can now move lower towards $1,020-30 to reach a new lower low.
Green line – support (broken)
Black line – resistance
Gold price is trading below both the support trend line and below the Ichimoku cloud. This is a short-term bearish signal. Unless bulls manage to push prices above $1,080, we should expect more selling pressures towards $1,020-30.
The weekly chart continues to show the price trading at oversold levels and downside movement is limited to a new low towards $1,020-30. At this point I cannot expect a deep decline below $1,000. The next big move will be to the upside.The material has been provided by InstaForex Company – www.instaforex.com
Gold has broken the short-term triangle consolidation to the downside generating a short-term sell signal. Gold price can now move lower towards $1,020-30 to reach a new lower low.
Green line – support (broken)
Black line – resistance
Gold price is trading below both the support trend line and below the Ichimoku cloud. This is a short-term bearish signal. Unless bulls manage to push prices above $1,080, we should expect more selling pressures towards $1,020-30.
The weekly chart continues to show the price trading at oversold levels and downside movement is limited to a new low towards $1,020-30. At this point I cannot expect a deep decline below $1,000. The next big move will be to the upside.The material has been provided by InstaForex Company – www.instaforex.com
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