empty
 
 
30.10.2019 04:12 PM
Gold 10.30.2019 - Failed test of the Pitchfork median line, watch for downside break

Gold is trading inside of the trading range at the price of $1.492. Anyway, I found few failed tests of the median line, which is sign that buyers don't have enough power for stronger upside break. Watch for potential breakout of support at $1.483 to confirm further downside movement.

This image is no longer relevant

Yellow lines – Pitchfork upward channel

White falling lines – New Expected path

Horizontal white lines – Important resistance levels

Based on the 4H time-frame, I found that there is failed test of the yellow channel Median Line, which is sign that buyers didn't have enough power for the full-test. RSI oscillator showed us peak on the previous upside push and failed test of ML, which is another sign of the weakness. Downward objectives are set at $1.460 and $1.436. Key resistance is set at $1.517.

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 $6000 more!
    In December we raffle $6000 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