empty
 
 
13.03.2019 09:20 AM
Technical analysis for Gold for March 13, 2019

Gold price has moved above $1,300 after pulling back towards $1,290 as expected. Our next target was at $1,310 and as long as price remains inside the bullish short-term channel, we could see a move higher towards $1,313 or even $1,322.

This image is no longer relevant

Red line - RSI support

Blue lines - short-term bullish channel

Short-term trend is bullish. We called for an upward reversal around $1,285 and Gold price has so far reached our first target. Price has reached the 38% Fibonacci retracement resistance of the entire decline. Support is at $1,296-90. A break below this level could bring another round of selling pressure and a push below $1,280 would confirm we are heading towards $1,250-60. On the other hand if we continue to see higher highs and higher lows while the RSI holds above the red support TL, we should then expect price to reach even $1,322.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback