Analysis of Gold for January 16, 2019

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Recently, Gold has been trading sideways at the price of $1,292.00. Gold is in a big consolidation phase and the best thing to do is to wait for the confirmation and for a breakout. The overall trend is still bullish and I would advice you to watch for a bullish breakout. The key resistance level is set at the price of $1,298.00. I also found a rectangular pattern inside of a symmetrical triangle, which is a sign that we may see very soon expansion in price.

Trading recommendations for today: We will buy gold at $1.299.00-$1.300 with the targets at $1,309.30 (rectangle projection) and $1.317.00 (symmetrical triangle projection)

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