empty
 
 
16.08.2023 10:02 AM
Analysis of Gold for August 16, 2023 - Rejection of the support area

Technical analysis:

This image is no longer relevant

Gold has been trading sideways at the price of $1.904. I found rejection of the support zone at the price $1.900, which is sign for the potential upside rotation.

Due to the sideways regime and the rejection of the key support cluster at the prie of $1.900 in the background, I see potential for the rally towards upside references.

Upside objectives are set at the price of $1.911 and $1.915

Stochastic oscillator is showing fresh bull cross, which is another good sign for the further upside movement.

Key support is set at the price of $1.90

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback