Stock market analytics, financial forecasts

Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

Disclaimer: Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Gold price reaches our $1,912 target.

15:49 2023-08-10 UTC--5

Purple lines- wedge pattern

Blue lines- Fibonacci retracement levels

Gold price is still in a short-term bearish trend making lower lows and lower highs. Price today reached our $1,912 target and the 78.6% Fibonacci retracement level as expected by our previous analysis. Bears remain in control of the trend. Price today made a strong bounce towards the upper wedge pattern boundary and got rejected. Price reached resistance at $1,930 and got rejected. This lead to a new lower low. Today's price action confirms the importance of the upper wedge pattern boundary. As long as price is below the upper wedge boundary, bears will remain in control. Support remains at $1,912. Failure to hold above this level will put the $1,892 low in danger.

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Stock market analytics, financial forecasts

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