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19.02.201913:17 Forex Analysis & Reviews: Analysis of Gold for February 19, 2019

Long-term review

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Gold eventually managed to break the key resistance at the price of $1.325.00 and on the way confirms the further upward continuation. We found the breakout of the bullish flag in the background, which is that bearish correction has ended. The key support remains at $1.301.00 and as long as the price doesn't go below, the trend is bullish. Pitchfork channel is confirming the potential test of the median line $1.345.00-1.350.00. Besides, there is the strong Fibonacci resistance at $1.350.00 (FE 100%)

R1: $1.332.20

R2: $1.334.80

R3: $1.338.80

Pivot: 1.328.50

S1: $1.325.50

S2: $1.321.40

S3: $1.318.80

Trading recommendation: We are bullish on the Gold from $1.328.00 and protective stop at $1.312.00. Profit target is set at the price of $1.350.00.

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