empty
 
 
17.03.2022 05:32 PM
Gold bulls reclaim $1,930.

Gold price has broken out of the short-term bearish channel we talked about yesterday and provided a new short-term sign of strength. Price is bouncing higher after the strong sell off from $2,070 to $1,894. Gold price has reached all our pull back targets. What now?

This image is no longer relevant

Blue rectangle- major resistance

Gold price is bouncing and traders are confused whether the decline is over and a new upward move to new all time highs is starting. Gold price has to overcome the blue rectangle area which is important resistance. If bulls manage to start making higher highs and higher lows while breaking above the blue resistance area, then we should expect a new all time high to come over the next few weeks. A rejection at the horizontal resistance area will be a bearish sign and could lead Gold price to new lower lows below $1,894 towards $1,870 if not $1,850.

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 $10000 more!
    In January we raffle $10000 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