analytics60226cb75d19a.jpg

Gold is trading back above the downtrend line. Stabilizing above it could really indicate a further upside movement, growth. The price has decreased to retest the 1,800 psychological level after its previous breakout from the down channel’s body.

You can see that price of gold (XAU/USD) has failed to stabilize under the $1,800 in the last attempts signaling that it could start increasing again. Also, from the technical viewpoint, gold’s failure to approach and reach the channel’s downside line indicates that the sellers are exhausted and that the buyers could take the lead and push the price higher.

Gold Trading Conclusion!

Retesting the broken downtrend line and stabilizing above it brings a buying opportunity with an immediate upside target at 1,900. Getting out from the down channel’s body could attract more buyers which could send the rate towards 2,000 in the upcoming weeks.

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

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.