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.
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,
InstaForex Group © 2007-2020
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