empty
 
 
06.01.2023 07:46 PM
Gold price back at its highs after the non-Farm Payrolls.

This image is no longer relevant

Blue lines- bullish channel

Black line- bearish divergence

Gold price is again above $1,860. Gold remains supported inside the short-term bullish channel and is very close to providing a new higher high. Technically trend remains bullish despite the short-term weakness. The weakness we witnessed recently was not strong enough to provide a reversal signal. Gold price is very close to the upper channel boundary resistance. The RSI is testing the black downward sloping trend line again. Will gold see a reversal from next week? We continue to expect a pull back towards the lower channel boundary. However traders need to be patient. The bearish divergence is only a warning and not a reversal signal. Recent low at $1,824 is now important support and trend reversal level.

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 $9000 more!
    In May we raffle $9000 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