GOLD Uptrend Violated!

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GOLD Uptrend Violated!

GOLD Uptrend Violated!

GOLD Uptrend Violated!

Gold dropped below the major uptrend line signaling that the price is too exhausted to continue to increase. Though, it is premature to talk about a potential corrective phase, a broader decline, as long as the price stays above $1,900 psychological level.

XAU/USD is trading higher at $1,945 level and is almost to retest the broken uptrend line. The breakdown would be invalidated by a strong growth and by a potential jump above $1,960.

That’s why we have to wait for a fresh trading signal. Gold moves in a range somewhere between the 1,925 and 1,1970 levels. So, first of all, we need a breakout from this extended sideways movement to confirm a clear direction.

  • GOLD Trading Tips

Buy a breakout above $2,000 psychological level with a potential upside target at $2,075 all-time high.

Sell a drop below $1,900 level with a next downside target at $1,800 level.

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

Source : https://www.mt5.com/forex_analysis/quickview/187701/