If we look at the arrow on the weekly gold price chart we can see that a resistance point that was first encountered in around august of last year has proved to be problematic with gold bouncing off the same downward trend line again in September and more recently the beginning of this year.
It made a run for the $1,365 mark which is the top resistance line in the chart also at the beginning of the year but was quickly rejected and has not returned to this point ever since.
Gold needs to make a sustained break firstly through $1,350 which is the current resistance point on the middle downtrend line and then the top line of $1,365 as shown by the arrow at the top in order to push significantly higher.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this broker. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 61% of retail investor accounts lose money when trading CFDs with this broker. Before deciding to trade foreign exchange you should consider whether you understand how CFDs work, your investment objectives, your level of experience and readiness of taking risk. The possibility exists that you could sustain a loss of some or of all of your initial investments and therefore you should not risk more than you are prepared to lose. Please seek independent financial advice if necessary.
|By clicking "Continue" you will be redirected to the website operated by FIBO Group, LTD company registered in BVI and regulated by FSC. Please familiarize yourself with the Customer Agreement through the link. Click "Cancel" to remain on this page.|