Technical analysis of gold for January 12, 2018 888011000 110888 Gold price made a new higher high overnight. Pattern stays bullish. Price stays supported. RSI is diverging. Bulls stay in control of the trend. Red lines-bearish divergence indications Gold price has short-term assistance at$1,316 and resistance at$1,330.50. I’m still bearish but cost does not follow my view. Cost remains supported above the 4-hour Ichimoku cloud. Bulls remain in control. Although I give really little possibilities of this move going greater before any substantial correction, cost is not falling so far. All oscillators are overbought, turning lower. Price is not. We have to regard rate. But if the breakdown occurs, it will be a wild one. Red line- long-term resistance On a weekly basis, the Gold cost bounced highly off the weekly cloud as expected and is heading to the long-lasting red trend line resistance. Pattern remains bullish and this week’s candle light is also bullish up until now. Only a break below$1,309 would signify a pattern turnaround in Gold.The material has been provided by InstaForex

By | January 12, 2018

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