Analysis of Gold for January 24, 2019

analytics5c49a49b1b998.png

As long as the support at the price of $1,276.00 is active, I am bullish on Gold. I found a failed test of the the Pitchfork median line, which is a sign for me that sellers are not strong. The buyers showed some interest in past few days and we got strong demand bars in the background. The trend is still bullish and Gold is trading inside of the longer- term upward Pitchfork channel. Only a breakout of the support $1,275.00 would change our bullish opinion on the market.

Trading recommendations for today: We are still long on Gold from the $1,284.45 and with the protective stop at $1,275.00.

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