Gold price is trading just above $1,900 after getting rejected at the upper channel boundaries last week. Resistance by the bearish channel is found at last week’s highs. Trend remains controlled by bears in the near term as long as price remains below $1,986.Downside potential implies that a move towards $1,800 is possible on a weekly basis. Near term support is found around $1,880-90 area. A break below this level will increase dramatically the chances of a move lower.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bearish channel
Blue line- support
Gold price is trading just above $1,900 after getting rejected at the upper channel boundaries last week. Resistance by the bearish channel is found at last week’s highs. Trend remains controlled by bears in the near term as long as price remains below $1,986.Downside potential implies that a move towards $1,800 is possible on a weekly basis. Near term support is found around $1,880-90 area. A break below this level will increase dramatically the chances of a move lower.
The material has been provided by InstaForex Company – www.instaforex.com
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