Gold price started the day yesterday by falling below $1,220 only to gradually get back above it and test the short-term resistance of $1,230. The price remains inside the downward sloping wedge pattern.
Black lines – wedge pattern
Red line – RSI bullish divergence
Gold price has short-term resistance at $1,230 and next at $1,235. Breaking above these two levels will be a bullish sign as the price will have broken out and above the wedge pattern. Next important short-term resistance will be at $1,245. Trend remains bearish for Gold. Support is at $1,223 and the next one is at $1,218. Breaking below this area will open the way for another new lower low towards $1,200 or even below it.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price started the day yesterday by falling below $1,220 only to gradually get back above it and test the short-term resistance of $1,230. The price remains inside the downward sloping wedge pattern.
Black lines – wedge pattern
Red line – RSI bullish divergence
Gold price has short-term resistance at $1,230 and next at $1,235. Breaking above these two levels will be a bullish sign as the price will have broken out and above the wedge pattern. Next important short-term resistance will be at $1,245. Trend remains bearish for Gold. Support is at $1,223 and the next one is at $1,218. Breaking below this area will open the way for another new lower low towards $1,200 or even below it.
The material has been provided by InstaForex Company – www.instaforex.com
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