Technical analysis for Gold for January 30, 2019

Posted On 30 Jan 2019

Tag: Gold

Gold price has reached my $1,315 target and we could see a small move higher towards $1,320 as well. However this is not the time to be greedy. Bulls should either take their profits or protect them with tight stops. Price has reached the upper channel boundary. Although we could see a throw off top, there are more chances of seeing a top than a continued upward move.

Green rectangles – support areas

Red lines – bullish channel

Gold price has reached our second target area after giving us a bullish signal by breaking above $1,292. I now expect Gold price to make a top around $1,320 and reverse at least back towards $1,300 if now lower. Key trend support is at $1,285 area and a trend reversal will be confirmed only if $1,278 fails to hold. For now trend remains bullish but we expect some weakness over the coming days to be seen.

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Source:: Technical analysis for Gold for January 30, 2019

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