Technical analysis:
Gold has been trading downside this morning but I found rejection of the support area at $1.976.
In case if the rejection of the support can sustain, I see potential for the further rally towards upside references at $1.991 and $2007
In case of the downside breakout of the support at $1.976, there is the chance for the drop towards lower references at $1.962 and $1.953
RSI oscillator is showing reading below 50, which is sign that sellers are in control and the trend range is to the downside…
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
Gold has been trading downside this morning but I found rejection of the support area at $1.976.
In case if the rejection of the support can sustain, I see potential for the further rally towards upside references at $1.991 and $2007
In case of the downside breakout of the support at $1.976, there is the chance for the drop towards lower references at $1.962 and $1.953
RSI oscillator is showing reading below 50, which is sign that sellers are in control and the trend range is to the downside…
The material has been provided by InstaForex Company – www.instaforex.com
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