Analysis of Gold for January 28, 2019

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Gold continues to rally as expected. Our first target at the price of $1,295.00 is reached, but there is still plenty of space for the upward movement. Since the key resistance at the price of $1,295.00 is broken and there is the upward trend, I expect that Gold will reach the median Pitchfork line in the future.

R1: $1,301.50

R2: $1,303.60

R3: $1,304.75

Pivot: $1,300.00

S1: $1,298.24

S2: $1,297.00

S3: $1,295.00

Trading recommendation: We are long Gold from $1,285 and our SL is on the breakeven, but we added new smaller long position from $1,300.00 and a protective stop at $1,285.00. Our main target is $1,340.00.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Analysis of Gold for January 28, 2019

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