Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Analysis of Gold for October 29, 2018

October 29, 2018 Analytics

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Recently, Gold has been trading sideways at the price of $1,229.05. Anyway, according to the daily time – frame, I have found many signs of a potential trend reversal. I have found doji, spinning top, and shooting star candles, which all suggest exhausted buyers and a potential response from sellers. I have also found the rejection from the upper band – resistance (Bollinger band) and hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target and key short- term support is set at the price of $1,215.00.

The material has been provided by InstaForex Company – www.instaforex.com

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