The gold price has traded in a fairly tight range over the last week and now seems to have found strong resitance at the $1,325 mark which was previously a strong support point just a little over 2 weeks ago which is not a good sign.
There is also a pattern of lower highs which began near the end of January with the most recent being the move upwards in the middle of last week where there was strong rejection and hence the price we have today.
If gold should break down below the current support level of $1316 it will be a bad sign and there may be further losses on the cards.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% 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. 66% 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.|