Analysis of Gold for February 08, 2019

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Gold has been trading upwards. The price tested the level of $1.310.00. I found that price finally made a break of the downward channel in the background, which is a sign that there is potential change in trend dynamic from bearish to bullish. Also, I found that a breakout of the intraday bullish flag pattern, which is another confirmation of strength. Short-term resistance is set at $1.315.90 and short-term support is set at $1.307.00.

Trading recommendation: We are long on Gold from $1.310.00 and targets at $1.315.90 and $1.322.50. Protective stop is placed at $1.301.00.

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