empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

15.01.201909:21 Forex Analysis & Reviews: Technical analysis for Gold for January 15, 2019

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or 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. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Today we take a look at the weekly chart in Gold since 2007. Gold is in a short-term bullish trend and we talked about short-term targets of $1,310-20 and the possibility that this up trend could continue towards its major long-term resistance area of $1,350-60. But what should we expect if this level is broken?

Exchange Rates 15.01.2019 analysis

Green line -long-term support

Red line - major trend line resistance

Gold price has respected the green trend line support and bounced off of it and is now heading towards the red trend line resistance found around $1,350. A break above this area will lead to a move towards $1,550-$1,660. However I believe it is more probable to see an initial rejection and pull back at the $1,350 resistance area, before making a break out. Of course this bullish scenario gets cancelled if price breaks below the green trend line support. Then we will be talking for a move below $1,000 towards $700-800 or lower.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off