Gold Technical Analysis 39
Open demo account
FOREX trading implies serious risk and can result in the loss of your invested capital

Financial and commodity markets analytics

If we look at the chart we can see that gold entered a key trading range of between $1,360 and $1,365 over the last month but failed to remain there and since entering this zone 5 days ago it has been sharply rejected and has lost around $40 in value.

In September of last year the beginning of this range was also a strong resistance point where gold was sharply rejected so this level becomes even more critical.

Looking forward, the price needs to reverse and trade back within the key price channel that has formed on the chart and from there a support level can develop where gold can finally break the $1,365 level.

“Traders are watching to see if gold can break through the key technical resistance at $1,365. This resistance area has contained rallies in gold on five separate occasions. If gold breaks above $1,400 that would set the stage for a powerful rally in the months ahead,” said Ken Ford, president of Warwick Valley Financial Advisors.

The material published in on this page is produced by the FIBO group companies, and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.


The world of trading has no boundaries

IMPORTANT: Please be informed, that our services are available for Professional Clients only. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.