empty
 
 
10.02.2021 05:13 PM
Gold in fourth straight up day

Gold bulls are fighting to recapture $1,850 key pivot resistance. Short-term trend is positive as price is making higher highs and higher lows since bottoming at $1,784 on February 4th. Traders need to be very cautious around $1,850 as a rejection here could bring price back to $1,780-90.

This image is no longer relevant

Red lines - bullish channel

Gold price is inside a short-term bullish channel. Support by the channel is at $1,840 and next at $1,810. Breaking below $1,810 will open the way for a move below $1,800 and could very likely bring new lows. If bulls manage to make a higher low around $1,815-25 and turn price higher, then we could see a move to $1,900. At current levels around $1,850 I prefer to be neutral if not bearish. Recapturing $1,850 on a weekly basis will make me turn bullish.

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 $5000 more!
    In November we raffle $5000 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