Technical analysis:
Gold has been trading sideways at the price of $1.892 but I still see that Gold is in the downside channel with no evidence for the reversal.
Due to the well established downside trend and the lack for buyers at $1.894, I see potential for the further drop towards lower reference.
Downside objective is set at the price of $1.885
Stochastic oscillator is showing overbought condition with potential for bearish cross.
Resistance is set at the price of $1.894
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading sideways
at the price of $1.892 but I still see that Gold is in the downside
channel with no evidence for the reversal.
Due
to the well established downside trend and the lack for buyers at
$1.894, I see potential for the further drop towards lower reference.
Downside
objective is set at the price of $1.885
Stochastic
oscillator is showing overbought condition with potential for bearish cross.
Resistance
is set at the price of $1.894
The material has been provided by InstaForex Company – www.instaforex.com
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