Gold 08.30.2019 – Gold in the buy zone

Gold price is still holding well support at the price of $1,525, which is good sign for further upside. I still expect more upside and at least another upward swing.

Red horizontal line – Important resistance and upward objective

Yellow rectangle – major support area

Purple rising line – Expected path

MACD oscillator is showing decreasing on the last downward swing and there is chance for potential recovery on the Gold. Key support is at $1,525 and resistance at $1,554. Bears need to be very cautious as there is a major support on the test and potential end of the downward correction ABC. As long as the Gold is holding above $1,525 there is a chance for potential test of $1,554. Additionally, I found test of the lower Bollinger band (support). Don’t forget that Gold is in short-midterm upward trend and that any selling maybe shaken out.The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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