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11.02.201916:16 Forex Analysis & Reviews: Analysis of Gold for February 11, 2019

Long-term review
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Exchange Rates 11.02.2019 analysis

Gold has been trading downwards. The price tested the level of $1,304.00. According to the H4 time frame, I found that Gold did a successful breakout of the bearish flag pattern (ABC correction) which is a sign that selling continues. I also found confirmed the Head and Shoulders pattern in the background which is another sign of weakness. Key short-term support is set at the price of $1,297.50.

Trading recommendation: We are short on Gold from $1,305.00 and with the targets at $1,297.50-$1,275.80. Protective stop loss order is placed at $1.318.00.

Petar Jacimovic
Analytical expert of InstaForex
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