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22.01.201915:30 Forex Analysis & Reviews: Analysis of Gold for January 22, 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.

Exchange Rates 22.01.2019 analysis

Gold is expected to move higher towards $1,294.00 (resistance cluster) as long as the support at $1,276.00 is holding. Gold failed to test the Pitchfork median line, which is a sign that selling power decreased. Stochastic is in the oversold zone together with hidden bullish divergence, which adds more potential strength on Gold. Only a break below support at $1,276.00 will change this bullish trading idea and stop us for our bullish view.

Trading recommendation: We will buy Gold on the breakout of the resistance at $1,284.00 with a target at $1,294.00 and protective stop at $1,276.00. Watch for a breakout of resistance before buying.

Petar Jacimovic
Analytical expert of InstaForex
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