The four-hour chart on gold closed rather flat on Thursday. The metals market was closed on Friday for Good Friday.
The four-hour chart on gold closed rather flat on Thursday. The metals market was closed on Friday for Good Friday.
Although price action closed above the level of 1671.95, we anticipate a possible pullback lower.
Watch for a close below 1671.95 to confirm the downside. The ascending wedge pattern could see a downside breakout.
The minimum target lower is at 1574.90. To the upside, gold prices are likely to continue toward the 1700 level.
Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). Orbex LIMITED is licensed to provide Investment Services (Reception & Transmission, Execution and Dealing on own account) and Ancillary Services.
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, the level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Comments
Log in or sign up to join the conversation.