FOREX Chart Of The Day: GOLD Short Trading Opportunity

The #GOLD price is retesting a minor resistance level. Could sellers re-enter the market here?

Watch the video to learn more…

GOLD Analysis

The Gold price fell last week after the FOMC statement regarding the hiking of rates once stimulus ends was announced. This selling pressure could continue despite the weakness in the USD currently. 

The resistance level we discussed in a recent video has now been tested which could see sellers enter the market. There are a number of ways that we can identify if sellers have entered the market and that is by a reversal pattern. The three major reversal patterns to watch out for are the double top pattern, the head and shoulders pattern, and the lower low lower high pattern. All of these patterns will offer short trading opportunities if the price does reject this resistance.

Do you trade EURUSD? watch our latest analysis here.

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.

About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

See author's posts