Gold price consolidates, implyig higher chances of an upward continuation.

By | January 27, 2020
InstaForex
Gold price consolidates, implyig higher chances of an upward continuation.

Relevance up to 14:00 2020-01-29 UTC–8

Gold price has recaptured $,1580 and is moving sideways in the short-term after the big short-term spike from $1,540 to $1,580. Trend remains bullish and now that our first target of $1,578 has been achieved, we look for the next target around $1,600.

analytics5e2f607e9a5cd.png

Green rectangle – major support zone

Red horizontal lines – Fibonacci extension levels

Gold price continues to make higher highs and higher lows. Trend remains bullish and the RSI is far from providing a bearish divergence and remains below overbought levels. This pause in Gold price is expected to be followed by a strong move to the upside most probably.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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