Gold price continues higher approaching our first target area

Gold price gave us two bullish signals yesterday. The first one was when price broke above the short-term trend line resistance at $1,746 and the second one and most important one was when price broke above $1,758 major horizontal resistance.

Green lines – medium-term bearish channel

Red line- Fibonacci expansion targets

Gold price is trading above $1,770 and is approaching our first target area of $1,788-$1,800. Since Gold price double bottomed at $1,677 and recaptured $1,730, we have been talking about the possibility that price will make a bigger bounce towards the upper channel boundary. Gold price seems to be following this scenario. This scenario could unfold into a bigger move higher specially if price breaks above $1,800-$1,820 and does not fall below $1,730 again. New all time highs are a possibility that should not be ignored.

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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