empty
 
 
06.04.2022: Forex Analysis & Reviews: Trading plan for Gold for April 06, 2022

analytics624d9649e1199.jpg

Technical outlook:

Gold prices have been drifting sideways within a potential triangle since $1,949 level recently. The yellow metal has been unfolding a decreasing resistance and constant support consolidation and is expected to break lower towards $1,915 mark before finding support again. Bulls will remain inclined to hold prices above $1,890 levels to keep the short term bullsh structure intact.

Gold had earlier dropped from $2,070 through $1,890 carving the first bearish downswing in last several weeks. The same is being retraced for now and prices are expected to push through $1,960 and up to $2,000-10 mark before resuming lower again. The yellow metal may find potential support around $1,915 before resuming higher through $1,960 at least.

Also note that $2,000 is a formidable resistance since it is close to the Fibonacci 0.618 retracement of the above drop between $2,070 and $1,890 levels respectively. A push above $1,950 will accelerate the counter trend rally towards $2,000 mark before resuming lower again. The downside potential remains below $1,670 going forward.

Trading plan:

Potential rally through $2,000 mark against $1,890, then turn lower.

Good luck!

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Oscar Ton,
Analytical expert of InstaForex
© 2007-2024
  • 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
现在无法通话?
提出您的问题,用 在线帮助.
Widget callback