Gold Analysis: Potential Price Rise Ahead

Gold rebounded from the level of 2000 and dropped. The asset’s price might potentially gain the required support from the broken downtrend and temporarily rise. The downtrend is also based on the four points, and this might make it stronger in terms of the potential rebound.

The Japanese yen is now approaching a very strong and important resistance level of 151.94, which is almost the maximum point reached last year (the level of 152). So, it might be important to follow the candlestick formations on the daily chart to understand what happens when the asset’s price is going to face this resistance. Although it’s unlikely that the resistance will be broken on the first try.

The price of Brent oil rebounded from the broken uptrend and dropped. The price of this asset is likely to gain the required support at the level of 77.50, which is also the upper side of the broken flat. Brent oil might potentially rebound from this level and jump. So, let’s observe what is going to happen next.

Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.