This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

forex gold

Gold soared to record highs on the 7th of August. However, recent risk sentiment has evidently shifted.

The current Tenkan line is acting as a resistance pulling the price to trade closer to the Kijun line, indicating a downward movement. In addition, the momentum indicator supports this notion.

However, a trend reversal is likely once the price reaches the 78.6% Fibonacci Retracement. This level will continue to see prices trading outside of the Ichimoku cloud.

We can then expect the bullish continuation to continue to fresh highs towards $2077.


In the short term, the 1h momentum indicates a bullish divergence. This suggests a possible exhaustion with the prices being pulled back towards the Tenkan line at the $2010 area.

Once this level is achieved, the Kijun line will come into play shifting the price action towards the cloud.

The 61.8% Fibonacci retracement at 2031.98 could be hit should this drive continue. More progressive targets are marked at 78.6% and 100% Fibonacci retraceme...

To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: