Technical analysis:
Gold has been trading upside in the defined upside channel. Due to channeling mode, I see potential for the potential breakout play to the downside.
Due to the lack of buying power and divergences in momentum, I see potential for the breakout and downside movement towards lower references.
Downside objectives are set at the price of $1.965 and $1.952
Stochastic oscillator is showing bearish divergence, which is good sign for the 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 in
the defined upside channel. Due to channeling mode, I see potential
for the potential breakout play to the downside.
Due
to the lack of buying power and divergences in momentum, I see
potential for the breakout and downside movement towards lower
references.
Downside objectives are set at the price of $1.965
and $1.952
Stochastic
oscillator is showing bearish divergence, which is good sign for the
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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