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Gold Price: Potential Upside Breakout if Support Holds

Gold Price: Potential Upside Breakout if Support Holds

2019-01-18 09:27:00
Nick Cawley, Strategist

Gold Price, News and Chart:

  • Rangebound but building a head of steam.
  • Confluence of support around $1,285/oz.

Q1 2019 Gold Forecast and Top Trading Opportunities

Gold Looking at an Upside Range Break

The precious metal has been trading in a rough $1,280/0z. - $1,297/oz. range in 2019 and is looking to break this range with an upside move looking more likely, if current support levels hold firm. There remain two important levels between $1,285/oz. and $1,287/oz. - the 20-day moving average and 61.8% Fibonacci retracement respectively – while the bottom of the bull flag also cuts around these levels. A break below could open the way to the 50% Fibonacci retracement level at $1,263/oz. To the upside the bull flag continues to narrow and a concerted break above 1,294/oz. should lead to a re-test of $1,300/oz. before horizontal resistance at $1,325/oz. ahead of $1,355/oz. The RSI indicator – at the bottom of the chart – is showing the precious metal backing off overbought territory.

How to Trade Gold: Top Gold Trading Strategies and Tips

Gold Daily Price Chart (March 2018 – January 18, 2019)

Gold Price: Potential Upside Breakout if Support Holds

Retail traders are 68.9% net-long US Crude according to the latest IC Client Sentiment Data, a bearish contrarian indicator. However, recent changes in daily and weekly positions suggest that prices may continue to have a mixed trading bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Gold – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.