Gold reaches the first target at 1800 dollars, what next?

0 418

Gold reaches the first target at 1800 dollars, what next?

The price of gold fell yesterday and already tested the first target area at $1800. If gold is trying to par with the 1965-1850 move, we should expect to see $1,774 this week which is also the target of the AB=CD pattern activated since the break below $1850.

While the price of gold is still bearish at the moment, the price corrects to the maximum level until the level of 1825 dollars. Our next target for the drop is $1,775, but the RSI is in oversold territory and although we expect the price to continue lower, it is not desirable to open new short positions at the moment. You can see long-term support at $1700-$1680. It's too early to tell whether or not we'll test this range. Another important price level is $1,725 where we find the 38% Fibonacci retracement of the entire rally from the August lows.


Seize the chance to earn real money instantly!
Take 4 simple steps along the path to success and financial independence
Open a trading account to sign up for MetaTrader 4
Beginner traders can start their career in forex Practice on a demo account
Download MetaTrader 4 - Powerful, reliable and proven trading platform
System requirements: Windows 7 and later versions
platform MetaTrader 4 for Android
System requirements: Android 4.0 and above, 3G/WiFi
platform MetaTrader 4 for iOS
System requirements: iOS 4.0 or later, 3G/Wifi
Deposit to your trading account through any convenient payment system
Great bonuses guarantee your confident start in trading
Bonuses are added ranging in size From 20% to 50% to your account every time you make a deposit
Related topics
Inline Feedbacks
View all comments