Open live CFD account Try free demo
Call: 1800 885 571 Mail: support@gomarkets.com
Login Open account
Login Open account
Login Open account
News & analysis
Try free demo Open account
News & analysis
Try free demo Open account

Gold Testing Major Support Level

16 September 2022 By Mark Nguyen

Share

For the last 2 years, Gold has been bouncing in a range between $1700 and $2070 and is currently testing the major support level around $1700 as seen below.

The price has used the yellow highlighted as an area for support zone and a rejection zone. Over the last 2 years clear rejections have occurred every time the price has reached around $1700’s. These candlestick rejections indicate a high probability of something similar potentially happening.

We find further confluence of this analysis by looking at the weekly time frame, where Gold has broken above the trend line, and has now come back to retest it. This can often result in a bounce off the trendline, creating the start of a new uptrend.

If Gold continues to remain above the trendline and can hold the monthly support, it may indicate that it is in the early stages of a potential reversal. This may lead to another move toward the $2000’s.

Ready to start trading?

Try free demo Open account

The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.

#Economy #Economics #Finance #Markets