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26.09.2019 03:45 PM
Gold 09.26.2019 - Selling climax in the background, potential rally into the play

Gold got a strong drop yesterday and the level of $1,500 was tested. Anyhow, I see potential double bottom formation on the 4H time-frame, which is sign that there are still buyers on the Gold and that Gold might trade to $,519 and $1,528.

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Purple rectangle – Important support level

Yellow rectangles – Resistance levels and upward objectives

Purple rising line – Expected path

MACD oscillator is decreasing on the second test of the $1,500, which is sign that there is bullish divergence on the momentum. Support levels are seen at the price of $1,500 and $1,496. Resistance levels are seen at $1,519 and $1,528. Watch for potential buying opportunities as long as the level of $1,500 is holding.

Petar Jacimovic,
Analytical expert of InstaTrade
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