empty
 
 
fr
Assistance
Ouverture rapide de compte
Plateforme de trading
Déposer / Retirer

22.06.202207:03 Forex Analysis & Reviews: Gold: Beware of this weekly support.

Exchange Rates 22.06.2022 analysis

Red line -weekly support trend line

Gold price is trading below $1,830 above $1,800. Price remains under pressure but continues to trade above the weekly support trend line that comes from March of 2021 lows. As long as this is the case bulls have hopes for another move higher toward $1,900. Key short-term resistance is at $1,850-60. Weekly support trend line is found at $1,797-$1,800. Bulls need to defend this level. A break below this support will be a bearish sign and will increase dramatically the chances for a move below March 2021 lows. Gold price is making lower lows and lower highs since March of 2022. Bears are in control of the medium-term trend. For this to change, bulls will need to break above $1,878. At current market conditions, anyone wanting open new bullish positions, should use $1,800-$1,790 as a stop level. Bears should be patient and wait for a break to occur first rather than front run the market. Price is above critical support and shorting now is not wise.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaSpot
© 2007-2024
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.