empty
 
 
11.06.2019 09:15 PM
Technical analysis of Gold for June 12, 2019

Gold price pulled back towards the 38% Fibonacci retracement which was the first important short-term support level. Price is bouncing off this level and this is a bullish sign. We should be waiting for a new higher high in Gold.

This image is no longer relevant

Blue line -major resistance trend line

Red line - major support trend line

Black line -short-term resistance (broken)

Gold price could make a new higher high this week above $1,349. Trend remains bullish as long as price is above $1,300. Gold price held the support at the 38% Fibonacci retracement. The RSI does not show any bearish divergence sign. Next support is found at $1,302 where we find the 61.8% Fibonacci level and an intermediate high made back on May 14th. The resistance at $1,350 is very strong and very important. Breaking above it or getting rejected at it could be critical for the price of Gold for the next 4-6 months.

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