empty
 
 
22.05.2020 09:20 PM
Gold ends week lower but remains above key support

Gold price tried to close above $1,750 this week but price came back towards $1,720-10 support. Although our short-term outlook for a move towards $1,770-80 partially played out, we remain cautious as the weekly chart shows warning signs. Although it was expected for Gold price to move above $1,750 after breaking above $1,720, Gold price in the area of $1,750 is oversold while at the same time the RSI is diverging. Traders should not ignore this.

This image is no longer relevant

Black line - resistance broken

In Ichimoku cloud terms Gold price remains above key short-term support indicators. The tenkan-sen has risen to $1,729 while the kijun-sen support is at $1,712. As long as price is above these two levels, short-term trend remains bullish and we continue to expect price to reach $1,770-80. Failure to hold these two levels will increase the chances for a pull back towards $1,650.

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 $8000 more!
    In March we raffle $8000 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