Analysis of Gold for February 05, 2019

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Sellers are in control on Gold. We found a confirmed head and shoulders pattern, which is another strong sign of weakness. The price did small upward correction and fund support at $1.308.00 but in my opinion only temporary. The key short-term resistance remains at $1.323.00. As long as this resistance is holding, you should watch for selling opportunities. The breakout of short-term support at the price of $1.308.00 would confirm a potential test of $1.297.75.

R1: $1.324.00

R2: $1.329.70

R3: $1.335.60

Pivot: $1.318.20

S1: $1.313.75

S2: $1.307.60

S3: $1.302.56.

Trading recommendation: We are still short on Gold from $1.311.00 and protective stop at $1.322.00. The first objective target is set at the price of $1.297.75.

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