empty
 
 
28.01.2022 06:14 PM
Gold tests major trend line support.

Gold price has broken below $1,800 and is now trading just above the $1,780 level. Price is challenging the major upward sloping support trend line coming from the $1,684 low. Gold price was expected to pull back towards this support after the rejection at $1,854.

This image is no longer relevant

Red line - resistance

Green line -support

Gold price is very close to the support trend line. This is not the time to be opening short positions because we are above key support. A reversal and bounce off the green support trend line is justified. Bears need to be cautious in case we get a reversal signal. In the near term if bulls manage to recapture $1,800, we will then get our first reversal signal.

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 $1000 more!
    In October we raffle $1000 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