InstaForex - Analytics


    739.75 6.25/10
    62% of positive reviews

    Technical analysis of Gold for June 13, 2016

    Gold continues to rise towards its previous highs producing bearish divergence signals warning bulls to be cautious. Despite remaining longer-term bearish, I believe we should be ready for a pullback this week towards at least $1.255.


    Show full picture

    Red line - price projection

    Green rectangles - overbought signals

    Gold is trading above the 4-hour Kumo, confirming that the trend is bullish for the short term. Breaking above the black trend line resistance strengthened the bullish scenario that the low at $1,200 is a long-term low and that the next bullish phase for Gold has started. With bearish divergence signs on the 4-hour chart, bulls need to be very cautious and raise their protective stops. I expect a pullback towards $1,255 but not as an opportunity to sell now but as an opportunity to buy lower into this uptrend.


    Show full picture

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree