Analysis of Gold for January 25, 2019

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We are still bullish about Gold from $1,285.00. There is no change in the forecast since the price failed to break the key support at $1,275.00, which only added more strength into our bullish position.

Background: In the background we got failed test of the Pitchfork median line inside of the downward channel but on the same time we got a test of the upper median Pitchfork line. For the past 4 days, Gold is trying to break the key support at $1,275.00 but without success, which give us more odds to be buyers.

Trading recommendation: We are long Gold from $1.285.00 and the first upward target at $1,294.00. The protective stop is placed at $1,275.00.

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