Gold will face important challenges next week.

Gold price remains in a bullish short-term trend as price continues to respect Kumo (cloud) support. Price is above the Ichimoku cloud and a big test is waiting for bulls this Monday. A major downward sloping trend line resistance will be the first obstacle next week.

Black line – resistance trend line

Gold price is at a major resistance. Price is testing the trend line and the recent highs near $1,630. Support is at $1,610-$1,605 and next at $1,596. A 4 hour close below these levels will be a bearish sign for Gold. If this happens I expect Gold to pull back towards $1,553 which is the lower cloud boundary. Another indicator that confirms we are at important resistance is the Chikou span (light blue line indicator). The Chikou span is hitting the candlestick pattern from below. The Chikou span confirms we are now at important resistance area. Bulls need to break above it in order to hope for a move to $1,650 or higher.

The material has been provided by InstaForex Company – www.instaforex.com

Rate this post
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.

Leave a Reply

Your email address will not be published. Required fields are marked *