Gold bulls were warned for possibility of fake break out

Gold price broke the bullish flag pattern but as we explained in our last analysis, there were many warning signs that made us expect a move to $1,535 to be enough and that a possibility of fake break out was high. This is exactly what we got.

Blue rectangle – resistance

Gold price reached our $1,535 target. Gold price sharply reversed and fell towards $1,480. Resistance is at $1,510. The break out above $1,510 was most probably a fake one and price is most probably going to move lower. As long as price is below $1,510-20 area I expect to see more selling pressures. Failure to hold above recent low at $1,480 will confirm our bearish view on Gold. Bulls were warned to be cautious. Recapturing $1,510 is important for bulls if they want to continue their up trend towards $1,550.

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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