empty
 
 

23.09.202121:42 Forex Analysis & Reviews: GOLD vulnerable to slide further

Gold plunged after failing to reach and retest the immediate resistance level, the downtrend line. Now is located in a support zone. Making a new lower low may activate further declines. It seems surprising but the yellow metal plunged even if the USD has depreciated versus its rivals.

XAG/USD is located at 1,750.72 far below 1,787.32 yesterday's high. The price dropped aggressively after the hawkish FED. Gold is located deep in the seller's territory, so it's premature to talk about potential strong growth.

XAU/USD Under Massive Pressure!

analytics614cd869cac8b.jpg

Gold failed to stabilize above the weekly pivot point (1,769.76) so a drop towards the S1 (1,730.75) is possible. Still, right now is located around 1,750.74 static support and above the former lows.

As long as it stays below the ascending pitchfork's median line (ML), Gold could drop deeper. Testing and retesting the median line could bring new bearish opportunities. Technically, only a valid breakout above the downtrend line may announce a strong upwards movement.

GOLD Forecast!

Staying above 1,750 and jumping above the downtrend line is seen as a long opportunity with a potential target at 1,834. On the other hand, dropping and closing below 1,742.08 lower low may signal further downside movement towards the next obstacles.

*Analisis pasar yang diposting disini dimaksudkan untuk meningkatkan pengetahuan Anda namun tidak untuk memberi instruksi trading.

Ralph Shedler,
Pakar analisis InstaForex
© 2007-2022
Manfaat dari rekomendasi para analis saat ini
Akun trading teratas
Buka akun trading

Tinjauan analitis InstaForex akan membuat Anda menyadari sepenuhnya tren pasar! Sebagai klien InstaForex, Anda dilengkapi dengan sejumlah besar layanan gratis untuk trading yang efisien.

Tidak bisa bicara sekarang?
Tanyakan pertanyaan anda lewat chat.