Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
Early in the American session, gold is trading around 2,730 within the symmetrical triangle pattern forming since October 21, below 3/8 Murray, and below the 21 SMA.
On the H4 chart, we can see that after having made a strong technical correction from the high of 2,758 to the low of 2,708, gold is reaching the 61.8% zone, which means that the metal could resume its bearish cycle.
We could look for opportunities to sell gold if the price approaches 2,734 or 2,740 in the next few hours. Both levels act as strong resistance and suggest an opportunity to sell.
Technically, gold is overbought. So, as long as the instrument trades below the 61.8% Fibonacci at 2,740, any technical bounce will be seen as an opportunity to sell.
In case gold falls below the 32.8% Fibonacci level located around 2,728, we could expect a further bearish movement. If this scenario comes true, we can sell with targets at 2,696, and finally at 2/8 of Murray at 2,656.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
