Gold’s chart against the US Dollar is experiencing bearish momentum, reflected by the multi-swing high resistance at 1789.00. The bearish bias suggests a possible drop towards the first support at 1945.00, a multi-swing low support. If the price fails to hold this support, the second support level at 1933.00, an overlap support and 38.20% Fibonacci retracement, may come into play. On the upside, a bullish breakout above the first resistance level at 1789.00, a multi-swing high resistance, could signal a trend reversal. However, the second resistance level at 2009.00, a swing high resistance, remains a key level. An intermediate support level at 1973.00, an overlap support and 38.20% Fibonacci retracement, may provide temporary relief to the bearish trend. Bearish divergence displayed by the RSI suggests a possible reversal.
The material has been provided by InstaForex Company – www.instaforex.com
Gold’s chart against the US Dollar is experiencing bearish momentum, reflected by the multi-swing high resistance at 1789.00. The bearish bias suggests a possible drop towards the first support at 1945.00, a multi-swing low support. If the price fails to hold this support, the second support level at 1933.00, an overlap support and 38.20% Fibonacci retracement, may come into play. On the upside, a bullish breakout above the first resistance level at 1789.00, a multi-swing high resistance, could signal a trend reversal. However, the second resistance level at 2009.00, a swing high resistance, remains a key level. An intermediate support level at 1973.00, an overlap support and 38.20% Fibonacci retracement, may provide temporary relief to the bearish trend. Bearish divergence displayed by the RSI suggests a possible reversal.
The material has been provided by InstaForex Company – www.instaforex.com
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