Gold price is under pressure. Gold price got rejected two days ago at the blue resistance trend line and is now making new lows towards $1,900. In our previous posts we warned that Gold price was vulnerable to a move towards $1,900. Gold price not only got rejected at the blue trend line resistance, but price also broke below the multi month black support trend line. This is an important sign of weakness. As long as Gold price is below $1,970, bears will remain in control of the trend. The RSI has still not reached oversold levels in the Daily chart. Gold remains vulnerable, bulls need to push price back above the black trend line in order to hope for a bigger move higher.
The material has been provided by InstaForex Company – www.instaforex.com
Blue line- resistance
Black line- support trend line
Gold price is under pressure. Gold price got rejected two days ago at the blue resistance trend line and is now making new lows towards $1,900. In our previous posts we warned that Gold price was vulnerable to a move towards $1,900. Gold price not only got rejected at the blue trend line resistance, but price also broke below the multi month black support trend line. This is an important sign of weakness. As long as Gold price is below $1,970, bears will remain in control of the trend. The RSI has still not reached oversold levels in the Daily chart. Gold remains vulnerable, bulls need to push price back above the black trend line in order to hope for a bigger move higher.
The material has been provided by InstaForex Company – www.instaforex.com
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