Short-term analysis of Gold

Gold price is bouncing strongly once again towards $1,720. Price has held for another week the $1,700 level unless bears take the upper hand tomorrow. Bulls are trying to recapture the tenkan-sen and kijun-sen pivot point intersection.

Inability to close above the $1,716 intersection could lead to another pull back towards $1,675 and the cloud support. Gold bulls are now showing signs of strength as they reclaim $1,715-20. However the most important obstacle bulls need to overcome is the blue rectangle resistance recent high at $1.745.

Exchange Rates 04.06.2020 analysis

Blue rectangle – resistance

Gold price is approaching the 61.8% Fibonacci retracement of the recent decline. The 61.8% Fibonacci level is at $1,722. As one can clearly see the area of $1,700-$1,725 is a very important area for Gold. Price has been mostly moving around it since early April. Focusing on the bigger picture, the levels to watch are 1.785-90 (need to break $1,745 for this target to be achieved) and $1,670-40 (need $1,700 to break on a weekly basis).

Source: Short-term analysis of Gold

Spread the love
 

Related Articles

Leave a Reply

%d bloggers like this:

Our website uses cookies and thereby collects information about your visit to improve our website (by analyzing), show you Social Media content and relevant advertisements. Please see our cookies page for furher details or agree by clicking the 'Accept' button.

blank