Gold price is trading at $1,722. Gold price the last couple of sessions has formed a low at $1,676 and as expected has bounced towards the first important resistance at $1,725-30. Price seems unable to move above this resistance level. As we explained in our last analysis, we consider this as a counter trend bounce and expect Gold price to make new lows towards $1,650.


Red line – resistance

Blue line – support

Gold price is expected to make another touch of the blue trend line. As long as price is below the red resistance trend line we remain bearish. This trend line is now at $1,770. The RSI is turning higher from oversold levels, however we have not observed yet any bullish divergence. This makes me expect lower lows and the RSI to make higher lows. Only if this is the case then we will have proof of a weakening down trend.

The material has been provided by InstaForex Company –

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.