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Company does not offer investment advice and the analysis performed does not guarantee results

Gold price has hit all our short-term targets after breaking above $1,317 when our last bullish signal was given. Price has reached the upper channel boundary and at $1,340 I prefer to take profits and stay neutral.

Exchange Rates 20.02.2019 analysis

Purple lines - bullish channel

Yellow rectangle- major support area

Black rectangle - short-term resistance (broken) now support

Gold price has reached our $1,330-40 target area and the upper channel boundary. Gold price has reached its maximum short-term potential according to my view and at current levels I prefer to be neutral. Support is found at $1,326 and next and most important at $1,300. Medium-term trend remains bullish as long as we trade above $1,300. However I expect at least a short-term reversal towards $1,330 to be seen this week. The Daily RSI (not shown above) is providing bearish divergence signs. This is an important warning for bulls.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Companies Group © 2007-2019
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