Technical analysis for Gold for January 4, 2019

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Gold price remains in a bullish trend. Gold price has reached very close to our last target of $1,300 and I prefer to exit longs and take profits at current levels. Gold price is at overbought levels. There are important short-term indicators showing a pull back will come soon.

Black lines – resistance trend lines

Green line – major trend line support

Gold price has respected the long-term support green trend line. The weekly RSI is now challenging important resistance trend line, while the next major trend line resistance in Gold is at $1,360. Currently trading just below $1,300, the short-term indicators point to a pull back but not lower than $1,240. Gold price should pull back towards $1,270-80 before continuing higher.

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

Source:: Technical analysis for Gold for January 4, 2019

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