empty
22.06.2022 07:18 AM
Trading plan for Gold on June 22, 2022

This image is no longer relevant

Technical outlook:

Gold prices dropped to $1,825 during the Asian session on Wednesday. The yellow metal is seen to be trading close to the session lows at around $1,826 at this point in writing and is expected to resume higher anytime soon from here. Bulls need to hold prices above $1,805 and subsequently $1,786 to keep the structure intact.

Gold prices are unfolding a counter-trend rally towards $1,920 since printing lows at around the $1,786 levels. The metal seems to have terminated its first and second wave at around $1,880 and $1,805 levels respectively. If the above structure holds well, prices would resume higher from here and push through $1,920 going forward.

Gold prices are working on a larger degree downswing between $1,998 and $1,786 as discussed earlier. The Fibonacci 0.618 retracement of the above drop is seen through $1,920 (highlighted as a rectangle here). The high probability remains for a bearish reversal if prices manage to reach there.

Trading plan:

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

Good luck!

Oscar Ton,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

How to Trade the EUR/USD Pair on May 19? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of EUR/USD On Friday, the EUR/USD currency pair declined significantly in price, despite no macroeconomic or fundamental reasons. However, the downward trend

Paolo Greco 08:19 2025-05-19 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 19: The Pound Feels Comfortable in a Flat Market

On Friday, the GBP/USD currency pair mainly traded downward throughout the day but closed with only a minor decline. This was mostly because the dollar weakened during the Asian session

Paolo Greco 04:42 2025-05-19 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 19: The Dollar Struggles to Grow, but Still Does

The EUR/USD currency pair showed a slight decline on Friday. Although the 5-minute chart might suggest the pair spent the entire day in a downtrend, the U.S. dollar gained only

Paolo Greco 04:42 2025-05-19 UTC+2

How to Trade the GBP/USD Pair on May 19? Simple Tips and Trade Analysis for Beginners

Analysis of Friday's Trades 1H Chart of GBP/USD On Friday, the GBP/USD pair also traded lower, although there were no objective reasons. While the euro maintains a downward trend

Paolo Greco 00:35 2025-05-19 UTC+2

How to Trade the GBP/USD Pair on May 16? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of GBP/USD On Thursday, the GBP/USD pair showed minimal upward movement; however, the 5-minute timeframe indicates this was largely a sideways move

Paolo Greco 06:17 2025-05-16 UTC+2

How to Trade the EUR/USD Pair on May 16? Simple Tips and Trade Analysis for Beginners

Analysis of Thursday's Trades 1H Chart of EUR/USD The EUR/USD currency pair traded in both directions throughout Thursday. The macroeconomic background was rich, but it had no decisive impact

Paolo Greco 06:17 2025-05-16 UTC+2

Trading Recommendations and Analysis for GBP/USD on May 16: The Pound Decided to Take a Break

On Thursday, the GBP/USD currency pair traded strictly sideways with low volatility. Despite a busy macroeconomic calendar, the market ignored most of the data, just as anticipated

Paolo Greco 03:54 2025-05-16 UTC+2

Trading Recommendations and Analysis for EUR/USD on May 16: The Market Has Once Again Confirmed the Obvious

On Thursday, the EUR/USD currency pair showed only one thing—a complete unwillingness to move. We observed sideways movement throughout the day despite a fairly packed macroeconomic calendar. However, as mentioned

Paolo Greco 03:54 2025-05-16 UTC+2

How to Trade the GBP/USD Pair on May 15? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of GBP/USD The GBP/USD pair continued its upward movement throughout Wednesday, despite the absence of any specific fundamental reasons. The day before, a U.S

Paolo Greco 06:21 2025-05-15 UTC+2

How to Trade the EUR/USD Pair on May 15? Simple Tips and Trade Analysis for Beginners

Analysis of Wednesday's Trades 1H Chart of EUR/USD The EUR/USD currency pair experienced upward movement for approximately half of Wednesday. The latest "surge" in the euro was particularly "impressive," although

Paolo Greco 06:21 2025-05-15 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.