On H4 the instrument is trading in a downtrend. Currently, a breakthrough of 1/8 may signal continuation of the trend, which may lead the quotations to the support at-1/8. The scenario may no longer be valid if the price breaks 2/8, which may signal the end of the downtrend and possible growth to the resistance at 5/8.
On M15 a breakthrough of the lower line of the VoltyChannel may also signal continuation of the downtrend.
On H4 gold demonstrates an uptrend, however, the price has already reached and escaped the overbought area. This hints an a possible reversal of the current trend. That is why a breakthrough of 7/8 may signal a decline of price, with the first aim at the support of 5/8. The scenario may be canceled if the price breaks 8/8, in which case the uptrend may continue, and the price may test the resistance at 2/8.
On M15 a breakthrough of the lower line of the VoltyChannel may enhance the possibility of a downtrend.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.