empty
 
 
24.10.2018 08:59 AM
Technical analysis of Gold for October 24, 2018

Gold price broke above the triangle pattern as we expected and reached $1,240. Price is now pulling back down towards the break out area. Holding above it is a bullish sign. Breaking below $1,220 would confirm the end of the upward move and the start of a new down trend.

This image is no longer relevant

Green lines - triangle pattern (broken upwards)

Black rectangle - major support

Gold price is in a bullish short-term trend. Price broke above the triangle pattern and is now trading above the break out level. Gold price could continue its move higher towards $1,250-60 as long as it does not fall below $1,220. Bulls should raise their stops to protect gains.

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 $5000 more!
    In November we raffle $5000 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