Voir aussi
19.05.2021 12:10 PM
Technical outlook:
Gold reached $1,875 levels yesterday, before hitting major resistance and reversing. A simplified daily chart is presented here which indicates that the yellow metal might have hit a formidable resistance. The 09-month old trend line resistance was also tested yesterday with a doji candlestick pattern on the daily chart.
High probability remains for an evening star pattern to be produced on the daily chart, indicating potential bearish turn ahead. Gold is seen to be trading around $1,858/59 levels at this point in writing and is expected to break below $1,800 levels in the near term. Immediate resistance is seen at $1,960, while support comes in around $1,808 levels respectively.
Also note that Gold has managed to cross the fibonacci 0.618 retracement seen over $1,851 levels. All the above combinations are pointing towards a major bearish reversal ahead. Watch out for $1,800 to be taken out, to confirm the turn and bears to be back in control.
Trading plan:
Remain short, stop @ $1,900, target is below $1,678
Good luck!
Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.
If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.
Why does your IP address show your location as the USA?
Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.
We are sorry for any inconvenience caused by this message.
