Gold starts the week with new lows eyeing $1,460

Gold price is challenging September lows after breaking below $1,500. Gold price has potential for at least a move towards $1,460 where we find equality in the current move lower relative to the first decline we saw in late August.

Red lines – bullish channel

Blue rectangle – support

Gold price has broken out of the bullish channel. In our weekly analysis we noted that Gold is expected to make a pull back lower towards $1,450-$1,400 at least. Gold is now challenging important horizontal support after exiting the bullish channel. First downside target is at $1,460 and next at $1,420. Short-term trend is bearish as long as price is below $1,536. A break above $1,536 will push price towards $1,600 and higher. But for now we focus on the bearish side as we see a potential for more downside.

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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