Technical analysis:
Gold has been trading upside but I found fake breakout of the swing high at $1.983, which is a good sign for the potential downside rotation.
Due to the fake breakout of the swing high and the breakout of the mini rising trend-line, I see potential for further downside movement.
Downside objective is set at the price of $1.970
Stochastic oscillator is showing fresh downside flip, which is another good sign for the further downside movement.
Key resistance is set at the price of $1.985
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold has
been trading upside
but I found fake breakout of the swing high at $1.983, which is a
good sign for the potential downside rotation.
Due
to the fake breakout of the swing high and the breakout of the mini
rising trend-line, I see potential for further downside movement.
Downside
objective is set at the price of $1.970
Stochastic
oscillator is showing fresh downside flip,
which is another good sign for the further downside movement.
Key
resistance is set at the price of $1.985
The material has been provided by InstaForex Company – www.instaforex.com
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