Gold price is trading at $1,741 after a pull back from $1,758 to $1,723. Gold price has formed a double bottom at $1,677 and near the lower channel boundary. A move above $1,758 will be a confirmed bullish break out towards $1,780-$1,800.
Blue lines – bearish channel
Gold price has potential to reach the upper channel boundary resistance around $1,780-$1,800. Gold’s low at $1,677 was around the 38% Fibonacci retracement of the rise from $1,159 low of 2018 and it could very well be a back test of the up trend. Gold has the potential to form a similar long-term low around $1,677 and proceed to a move above $2,070. This scenario will have increased chances if price breaks out and above the blue downward sloping channel. So buying just above $1,700 with a stop at $1,677 looking for a potential move to new all time highs is a good risk reward trade.
The material has been provided by InstaForex Company – www.instaforex.com
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