Gold is in trouble

Gold is in trouble

Recommendation:

SELL $1236

SL $1246

TP1 $1224 TP2 $1210

On the daily chart, gold is testing the neckline of the “Head and Shoulders” pattern. The break of the inside bar’s low and the following decline below the diagonal support will mean the return of power to bears. The condition necessary for the resumption of the downtrend is successful test of supports at $1230 and $1220 per ounce.

gold1.png

On H1, the pattern “Spike and reversal with acceleration” is in place. The first of the two trend lines was broken. Bears need to pull the price below the support at $1236 to regain power.

gold2.png

Similar

USD/JPY: dollar is overbought

Expanding bullish Ichimoku Cloud with rising Senkou Span A; a golden cross of Tenkan-sen and Kijun-sen; the prices are under the strong resistance near 113.50/60 and the market is overbought.

GBP/USD: pound returned to Cloud

Bearish Ichimoku Cloud, rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the prices in a cloudy area but there is a strong support on 1.3380.

Popular

EUR/USD: "Double Top" pattern

Bulls faced with resistance at 1.2029, so the price is likely going to decline towards the nearest support area at 1.2003 - 1.1975...

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera