Analysis of Gold for February 13, 2019

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Gold did successful rejection of the key shot-term resistance at $1.314.00 (yellow rectangle). We found a potential end of the upward correction (abc) and the breakout of the support trendline in the background, which is a sign of the weakness. Support is now seen at $1.308.00. The trend is still bearish.

R1: $1.318.00

R2: $1.322.40

R3: $1.326.50

Pivot: $1.314.00

S1: $1.309.90

S2: $1.305.80

S3: $1.301.60

Trading recommendation: We sold Gold at $1.310.00 and we have placed our stop at $1.318.00.

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