Red lines – bearish channel
Gold price is trading above $1,700 again and it is now challenging the 61.8% Fibonacci retracement of the decline from the 2020 highs. Breaking above $1,715 will open the way for a move towards recent highs and why not break them. This break out above the 61.8% Fibo will coincide with the break out of the 4 hour Kumo.
Price is challenging the Kumo’s upper boundary resistance. A rejection here will be a bearish sign. Support is found at $1,700 and $1,684, A 4 hour close below any of these two levels will bring in more sellers. Something like that will increase the chances of breaking below $1,676 and push price towards $1,630.The 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.
