Gold 09.11.2019 – Bullish divergence on the oscillator and major support on the test

Gold price is still holding above our key support at $1,480 and there is bullish divergence on the MACD oscillator in the background, which adds more potential to the upside.

Blue horizontal lines – Important resistance levels and upward objective

Yellow rectangle – major support area

Green rising line – Expected path

I still do expect potential rally on the Gold at least to re-test $1,501 level or $1,518.MACD oscillator is showing bullish divergence and that is good confirmation for our bullish bias. Key support zone is at $1,490-$1,480 and resistance levels at $1,503-$1,518. Bears need to be very cautious as there is strong support on the test and bullish divergence on oscillator. As long as the Gold is holding above $1,480 there is a chance for potential test of $1,523 or higher. The 20-day trend is still bullish…

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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