GOLD Intraday Technical Analysis

[InstaPoster]

Gold has is currently testing the upper limit of its medium term bullish channel at 1,697 suggesting a decline. However, a break of these levels will release a good potential and initiate a more violent bullish trend.
Technical indicators provide sell signals and evolve in overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase of these days. Stabilization is expected in a short term. Furthermore, the superior band strengthens the upper limit of its channel supporting the hypothesis of a violent movement in case of failure.
As gold is currently testing the upper limit of its channel, we recommend 2 scenarios: the first one is the hypothesis of a decline where we suggest selling on the level of 1,697 with the 1st objective at 1,687 and then at 1,685. A breakthrough 1,700 will invalidate this scenario. The second scenario is a break of its resistance where we advice a “buy stop” which means buying the spot rate as soon as it is broken through its resistance of 1,697 with the 1st objective at 1,707 and then at 1,710. A breakthrough 1,694 will invalidate this scenario.
The material has been provided by Instaforex Company - instaforex.com

 

[junaid1001]

Gold had failed to break the resistance level at 1615.61 yesterday. But now, I think Gold will try to break that resistance level again. Then, if Gold can break that level successfully, I expect Gold will go up to the next resistance level at around 1625.72.

 

[junaid1001]

Gold is in strong bearish movement now. Then, if we look on the current candle on H4 time frame, we can see that Gold is breaking the support level at 1583.88. Then, if Gold can break this support level successfully, I expect Gold will continue falling to the next support level at 1573.13.