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January 2019

Gold Analysis 10.01.2019

The price of gold rallied upwards to breake the 1295.00 level and settle above it, noting that the price completed the formation of a bullish triangle pattern shown in the picture, which is a positive incentive to push the price for further gains in the coming period

Therefore, the bullish trend will be likely for today with support from SMA 50, unless the 1286.70 level is breached and stability below it again.

The moving averages started to stabilize and form the ideal order for the upside while we see that the Stochastic is trading sideways within the overbought area and the opportunity is diverging from it. If this is possible,

The trading range for today is among the support at 1285.00 and resistance at 1316.00

Support and resistance:

Support: 1286.8-1.80.7-1266.4

Resistance: 1301.4-1318.00-1321.5

The general trend for today is bullish

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