Analysis of Gold for January 31, 2019

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Gold continues to rally as expected. Our bullish positions looks very stable and we expect the test of the $1.340.00 (major target). Buyers are in total control and doing a good job towards the median Pitchfork line ($1.340.00) of the larger channel. According to the daily chart, Gold is making higher highs and higher lows which is a sign that buyers are in total control. There are no signs of a reversal yet and you should only watch for the upside.

R1: $1,319.55

R2: $1,329.40

R3: $1,334.75

Pivot: $1,313.00

S1: $1,304.45

S2: $1,298.00

S3: $1,288.90

Trading recommendation: We are still long Gold from $1,285 and $1,300.00. Our stop loss orders are on both positions set at $1,309.0. Our main target is $1,340.00 (median line).

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

Source:: Analysis of Gold for January 31, 2019

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