Gold price made a lower high below $1,355 and is pulling back towards $1,340. Gold price has made a double top that currently favors bearish positions. If this rejection is confirmed we could have a strong downward reversal towards $1,280-90.
Short-term resistance is found at $1,355. Short-term support is found at yesterday’s consolidation price range between $1,330 and $1,340. This pullback could bring prices back inside this area and above the upward blue trend line and near the Ichimoku cloud support. If Gold price breaks below this support area we should expect a strong downward move towards $1,300-$1,280.
I believe that it is a good opportunity now at $1,348 to go short Gold with $1,355 stop and $1,330 as the first target. If Gold price breaks below $1,330 we can add to short position targeting $1,300-$1,280. Stop loss level is very close and that is why we prefer to be short than long.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price made a lower high below $1,355 and is pulling back towards $1,340. Gold price has made a double top that currently favors bearish positions. If this rejection is confirmed we could have a strong downward reversal towards $1,280-90.
Short-term resistance is found at $1,355. Short-term support is found at yesterday’s consolidation price range between $1,330 and $1,340. This pullback could bring prices back inside this area and above the upward blue trend line and near the Ichimoku cloud support. If Gold price breaks below this support area we should expect a strong downward move towards $1,300-$1,280.
I believe that it is a good opportunity now at $1,348 to go short Gold with $1,355 stop and $1,330 as the first target. If Gold price breaks below $1,330 we can add to short position targeting $1,300-$1,280. Stop loss level is very close and that is why we prefer to be short than long.
The material has been provided by InstaForex Company – www.instaforex.com
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