Technical analysis for Gold for February 1, 2019

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Gold price has reached our target area and has stopped its rise after reaching $1,326. Gold price is now expected to move lower towards $1,300. Gold price has already lost 10$ from its highs but I believe we should expect more downside.

Purple lines – bullish channel

Gold price remains in a bullish trend. Price continues to make higher highs and higher lows but I now expect Gold to make a pull back. Support is found at $1,300 and next at $1,280. As long as Gold price is above $1,280 the medium-term bullish trend is intact and our next target is at $1,350. Gold price however at least in the short-term is expected to make a pull back towards the previously resistance level of $1,300 as a back test. If price holds above $1,300 and starts a bounce, this would be a bullish sign implying we could be heading towards $1,350. If price breaks below $1,300 we should keep a close look on $1,280 because if we break the bullish channel then the entire bullish trend will be over.

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

Source:: Technical analysis for Gold for February 1, 2019

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