Gold price breaks $1,800

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Gold price breaks ,800

Gold price breaks $1,800

Gold is trading below $1,800 and today it made a new lower low at $1,773. In our latest Gold analysis when price was trading near $1,810-20 resistance area by the bearish channel, we noted the bearish flag pattern and that we expect Gold price to move to new lows towards $1,770-50. The upper side of the target range has been reached today.

Gold price breaks ,800

Blue lines – bearish channel

Gold price is moving lower in a textbook style as price gets rejected at the upper channel boundary resistance and breaks lower towards $1,770. Trend is clearly bearish and no sign of reversal yet. Gold price will most probably continue lower. A bounce towards $1,800 is not out of the question but it would not be something we would bet on.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/197084/