Technical analysis:
Gold has been trading downside as I expected. The price reached first downside objective at $1.808 with strong momentum.
Due to the strong downside momentum in the background I see potential for the further downside continuation after the correction.
Next downside objective is set at the price of $1.770
Stochastic and MACD oscillators-are showing downside reading with no evidence for the change in trend behavior.
Key resistance is set at the price of $1.855
The material has been provided by InstaForex Company – www.instaforex.com
Technical
analysis:
Gold
has been trading downside
as I expected. The price reached first downside objective at $1.808
with strong momentum.
Due
to the strong
downside momentum in the background I see potential for the further
downside continuation after the correction.
Next
downside
objective is set at the price of $1.770
Stochastic
and
MACD oscillators-are
showing downside
reading with no evidence for the change in trend behavior.
Key
resistance is set at the price of $1.855
The material has been provided by InstaForex Company – www.instaforex.com
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