Main Quotes Calendar Forum
flag

FX.co ★ Gold price approaches first pull back target.

parent
Forex Analysis:::2022-08-17T18:14:17

Gold price approaches first pull back target.

Gold price approaches first pull back target.

Red lines -bearish channel

Blue lines- Fibonacci retracement levels

Gold price is trading around $1,760. As expected by our analysis Gold price has pulled back towards our $1,750 target. We warned bulls on time that Gold price was vulnerable at $1,800 for a pull back. Gold price has started forming a bearish channel as price is making lower lows and lower highs. So far we have seen price retrace 38% of the entire rise from July lows. The 38% retracement is important short-term support. A break below this level will open the way for a move towards $1,744. Resistance is at $1,780. As long as price is below this level, Gold price is vulnerable to more downside.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...