Technical analysis:
Gold has been trading downwards as I expected yesterday. The rejection of the resistance Warning line 1 was the key for the most recent drop.
I found the breakout of the support at $1.624and my advice is to watch for selling opportunities and potential downside movement towards the $1.612 (Pitchfork median line) and $1.595 (Pitchfork Lower Parallel line).
MACD oscillator is showing increasing downside momentum, which adds confirmation for further downside.
Resistance is not previous swing low at $1.632.
Support levels and downward targets are set at the price of $1.612 and $1.595The material has been provided by InstaForex Company – www.instaforex.com
Disclaimer: Please note all prices are for information only, they should not be relied upon for accuracy or trading. All prices quotes are based on CFD prices and are similar though not always identical to real exchange prices. STOCKTRKR or anybody connected with STOCKTRKR will not accept any liability for loss or damage arising from use of any information/commentary/charts or articles which is provided 'as is' for educational purposes only, nothing contained on this website should be considered as investment advice - please seek proper investment advice from registered financial broker or institution if you wish to trade on global markets and ensure you are familiar with the risks.
