empty
 
 
24.01.2020 11:10 PM
Gold reaches our first short-term target

In our past analysis we noted the bullish formation of higher highs and higher lows in Gold, as well as the upside potential towards $1,578 if $1,560-65 was broken. Price today reached very close to $1,576 and so far I believe we should expect more upside.

This image is no longer relevant

Green rectangle - support

Red lines - Fibonacci extension targets

Gold price has made a higher high and price is approaching our first target. I believe we can see Gold price move higher as trend seems strong. Support is at $1,550-$1,540. Bulls do not want to see price break below $1,556 as this would put the short-term trend in danger.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback