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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Short-term view on Gold.

Gold price is trading around the short-term support of $1,800. Price briefly moved below the support towards $1,794. Price is vulnerable to a move towards $1,790 but I feel it is more probable to see a higher low around $1,790-80 than start a new downward move.

analytics60f836297daa4.jpg

Blue lines - Fibonacci retracements

Red line - Fibonacci extension

Green line - expected path

My most probable scenario for Gold is to see a higher low being formed between $1,780 and $1,790 and then start a new leg higher towards $1,850-60. For this scenario to come true, we will have confirmation once price breaks above $1,824.50. Until then price is vulnerable to a move lower. Bulls need to be cautious.

The material has been provided by InstaForex Company - www.instaforex.com