Technical analysis on Gold for May 4, 2021

Gold price got rejected once it visited the $1,800 area again. Price has now confirmed the importance of the $1,800 level giving higher value to a potential break above this level. Traders need to keep a close eye on price now as more weakness in price could lead to a deeper pull back towards $1,740 and lower.

Green lines- bearish channel

Black line -resistance

Gold price continues to trade inside the longer-term bearish channel but short-term trend remains bullish after the double bottom at $1,677 and the bounce towards the upper channel boundary. Support is key at recent low of $1,765. Breaking below this level will most certainly bring price below the $1,755 low and closer towards the support of $1,740-20. Traders need to be cautious. A break above resistance of $1,800 will open the way for a move towards $1,825 and $1,850.

The material has been provided by InstaForex Company –

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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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