Gold Price (XAUUSD) May Shock Investors! Trading plan for Gold on June 21, 2022 | InstaForex

FXStreet’s Dhwani Mehta Opinion About Gold Movements

Relevance up to 07:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Exchange Rates 21.06.2022 analysis

 

Technical outlook:

Gold prices have been drifting within a tight trading range between $1,835 and $1,845 since the Asian session on Mondy. The yellow metal is seen to be trading at around $1,834-35 at this point in writing and is expected to drag through $1,830-31 before resuming higher again. Bulls are looking poised to hold prices above $1,805 to remain in control.

Gold prices are still unfolding a corrective rally towards $1,920 since printing $1,786 lows earlier. The first swing terminated at around $1,880 followed by the second wave terminated at around $1,805. If the above structure holds well, prices will stage a rally towards $1,920 as the third wave is progressing against $1,805.

Gold prices are retracing from a larger degree bearish boundary between $1,990 and $1,786. The Fibonacci 0.618 retracement of the above drop is seen passing through $1,920. Hence, resistance would be strong if prices manage to push through. Traders might be preparing to hold long positions with risk below $1,805.

Trading plan:

Potential rally through $1,920 against $1,781

Good luck!

 

Read more: https://www.instaforex.eu/forex_analysis/280981

FXStreet’s Dhwani Mehta Opinion About Gold Movements

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand instaforex.eu, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). InstaForex.eu has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. InstaForex.eu is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds.

InstaForex.eu offers access to around 2,500 instruments (CFDs in Stocks, ETFs, IPOs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at: www.instaforex.eu

Follow InstaForex.eu on:

Twitter Facebook YouTube

 

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.88% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.