Technical outlook:

Gold might have completed its corrective rally just below $1,800 levels, around April 22, 2021. The overall correction began from $1,676 lows on March 08, 2021 and it has taken a complex structure to terminate. Also note that the yellow metal had managed to reach the fibonacci 0.618 retracement of its recent downswing between $1,875 and $1,676 levels respectively.

Gold has pulled back since then and also carved a lower high around $1,790 levels today. The yellow metal is seen to be trading around $1,774/75 levels at this point in writing and is looking to drop further towards $1,730/40 levels in near future. Immediate resistance is at $1,790, followed by $1,800, $1,820 and higher; while support comes in around $1,760 levels respectively.

Gold has been in a downtrend since $1,960 highs registered in January 2021. The metal has carved a series of lower lows and lower highs already and is looking to resume lower towards $1,625 mark. Also note that it has tested the back side of support turned resistance trend line today. Bears are set to remain in control, going forward.

Trading plan:

Remain short, stop @ 1,820, target below @1,625.

Good luck!

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.