Relevance up to 08:00 UTC–5
Gold price has not made any important movement today. Price action is quiet. Gold price remains above key support of $1,700 and below key short-term resistance of $1,720-25. Gold price has more chances of breaking upwards as long as we trade above $1,700.
Black line – resistance trend line
Gold price remains above both the tenkan-sen and kijun-sen indicators. Support by those two indicators remains in the area of $1,700-$1,695. As long as we are above this support, we expect a move higher to new 2020. The confirmation of this scenario will come with the break of the black trend line. If support fails to hold I expect price to move towards the Kumo and the $1,630 area.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Get a bonus from InstaForex
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.