Technical analysis:
Gold has been trading upside in the background but I found the buying climax after yesterday’s event. There is the chance for the downside rotation.
Due to the tight channel in creation, I see potential for the downside movement in case of the downside breakout of the channel.
Downside objective is set at the price of $2.005
MACD oscillator is showing bear divergence, which is another good sign for the further downside movement.
Key intraday resistance is set a the price of $2.025
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold has been
trading upside
in the background but I found the buying climax after yesterday’s
event. There is the chance for the downside rotation.
Due
to the
tight channel in creation, I see potential for the downside movement
in case of the downside breakout of the channel.
Downside objective is
set at the price of $2.005
MACD
oscillator is showing bear divergence, which is another good sign for
the further downside movement.
Key
intraday resistance
is set a the price of $2.025
The material has been provided by InstaForex Company – www.instaforex.com
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