The price of gold has formed a strong bullish close on the daily time frame forming a new high. Will this continue the bullish trend?
Watch the video to learn more…Watch the video to learn more…
The last time we looked at the price of Gold we looked for the long opportunity after a breakout of the range. Since then the market hit a resistance point and dropped significantly. The volatility on the market has created some confusion of the trend and what could happen next.
However, yesterday’s bullish close saw the price break into a new high, and if this is suggesting we are in a bullish impulse phase then we could assume the trend is now bullish.
If the trend is showing us potential for more upside then we could see the price rally to the next resistance zone around $1815.00.
The 4hr trend shows price clearly breaking a number of highs on this time frame highlighting the strong move we saw in the market.
If this trend is to continue we need to see a retracement and a higher low form and this could happen at the previous highs.
Using the Fibonacci tool we identified the midpoint of yesterday’s price action is resting at those highs. If the price retests this zone and forms bullish price action we can look for long opportunities.
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