Blue lines- bullish channel Red lines- bearish divergence
Gold price had a volatile day today
Gold price had a volatile day today. Price made new lower lows at $1,968 briefly breaking below key short-term support of $1,990. Bulls stepped in and pushed price back above $1,990. A daily close below $1,990 would be a sign of weakness. As we mentioned in previous posts, the bearish RSI divergence suggests that there is limited upside potential and that price is vulnerable to a pull back. Our most probable target is the lower channel boundary around $1,900.
Read next: Eightcap analyst after UK CPI: It is an interesting position now for the Bank of England., do they need to go back to a few 50-point hikes to cut into the CPI rate?| FXMAG.COM
Read more: https://www.instaforex.eu/forex_analysis/320527
Relevance up to 20:00 2023-04-20 UTC+2 This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.
