empty
 
 
29.07.2011 03:18 PM
GOLD Technical Correction, July 29, 2011 (Daily Strategy)

This image is no longer relevant

 

 

GOLD

The price of gold is once again at an all time high after it succeeded in jumping over the significant resistance level of 1600 dollars at the beginning of the week. the negative deviation has been created in the MACD indicator which suggests that a steep fall in the price of gold can be expected in the immediate future.

A daily closure, once again beneath the resistance and test level of 1600, will confirm the potential trend reversal and the move to a wave of price drops, Just a short correction can be expected to lower the price of gold in the direction of the support level at 1550 dollars.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback