Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

0

No products in the cart.

Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Technical analysis of Gold for October 18, 2018

October 18, 2018 Analytics

[ad_1]

Gold price as explained in yesterday’s analysis has most probable made a short-term top. Prices today are lower reaching even below $1,220. This pull back is considered to be a buying opportunity for a move towards $1,250-60. However I see this pull back bottoming in lower levels and not here.

analytics5bc8307fb7b72.png

Green lines – bearish long-term channel

Black rectangle – support

Gold price is pulling back lower towards the black support area. This area is now support. It was previously resistance and a back test and bounce would be a great sign for bulls. Bulls do not want to see prices penetrate below this support area and stay below it.

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

[ad_2]

Source link

Write a comment