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Tuesday, October 24, 2017

Gold -24Oct. - Next important resistance for bulls is at $1,290 - Read more..

Daily Report Gold by instaforex


The Gold price has broken out of the downward sloping wedge pattern but has stopped right at the short-term cloud resistance at $1,282. Price needs to break above $1,282 and especially $1,290 for any upward move to consider the start of the next upward move to $1,400.


Blue line - resistance (broken) Red lines - bullish divergence signs Gold price is trading below the Ichimoku cloud in the 4-hour chart. Price bounced off the 61.8% Fibonacci support area but the important short-term resistance at $1,282 is not clearly broken, 

Next important resistance for bulls is at $1,290. As long as the price is below that level, we remain in a short-term bearish trend.




Magenta line - resistance Blue line - support On a weekly basis, Gold prices try to move back above the kijun-sen (yellow line indicator). This would be a bullish sign. However, as long as we are trading below the tenkan-sen (red line indicator) there will always be a danger of moving lower towards the weekly Kumo (cloud) and the blue trend line support.





InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.  -  Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2017 More articles by this author Back to the list Ask the author E-mail subscription *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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