11.02.201908:14 Forex Analysis & Reviews: Forecast for gold on February 11, 2019

Gold

On the daily chart, the price divergence with the Marlin oscillator has formed. The moment has come if not a reversal of the market, then a deep correction. Probably up to half of the previous growth, the maximum on October 26 is 1243.00. But first of all, the price needs to overcome the range of consolidation support for the first half of January, 1286.60-1293.70. The difficulty is also in the fact that in this range, there is a Kruzenshtern line of daily scale and a Fibonacci correction level of 23.6%. But often, such strong support is overcome by a run-up, as it was on January 25, only by moving up. As a conclusion, we are waiting for the price at the subsequent Fibonacci correction level of 38.2% - 1262.60. Overcoming the level will allow the price to decline to the level of 50.0% 1243.00.

On the four-hour chart, the price is already below the Kruzenshtern line and the Marlin oscillator signal line is preparing to move to the drop zone.