Gold keeps forming an ascending trend. On H4 the instrument has formed a Hammer at the support line. Currently we are looking at the beginning of the reversal pattern forming. In case the price keeps growing, after an insignificant correction it might reach the resistance line at 1441.74. However, a reverse scenario should not be excluded: the instrument may break through the support line and renew the closest minimum at 1381.63.
On H4 the instrument has formed a Hammer upon testing the horizontal support level at 0.6568. At this level we are looking at the price rising up to the resistance line. In the current trading situation, if the reverse pattern forms again around this price level, we may see the previous scenario repeat and the price rebound to the support. However, the scenario might be vice versa: the instrument might break through the resistance and grow to the next price level 0.6750.
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.