empty
 
 
11.02.2022 03:26 PM
Weekly Gold analysis.

Gold price is higher for the second week on a row. Price remains trapped inside the long-term triangle pattern. Short-term trend is bullish and as we mentioned in previous posts, Gold has potential to reach $1,860.

This image is no longer relevant

Red line - resistance

Green line - support

Gold price is positive for the second week. Price is moving towards our $1,850-60 target where we also find the red downward sloping resistance trend line. As long as Gold is below $1,850-60, we remain cautious as another move back towards the green support line will be highly probable. On the contrary, inability to break above the red resistance trend line will lead to a move towards the green support. Short-term trend is controlled by bulls. Medium-term trend is neutral as there is no real progress with Gold price.

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 $1000 more!
    In October we raffle $1000 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