Technical analysis for Gold for January 7, 2019 888011000 110888 Gold cost made a draw back as gotten out of $1,298 to $1,276 while in our previous posts we were talking for a pullback towards $1,270. Pattern stays bullish as cost stays inside the bullish channel and we continue to expect a relocation towards $1,300 and higher. Purple lines -bullish channel Green rectangular shapes-support levels Gold price pulled back towards the green support level and is now getting better towards its current highs. Our 3rd target of $1,300 has nearly been reached. Support is at $1,270-64 location and I think we can see another pullback towards that location this week. Holding inside the channel would be important for the medium-term bullish trend. We have some bearish divergence check in the 4-hour chart that suggest that any weak point needs to be momentary. Major assistance is at $1,240 area and if broken the bullish scenario will be canceled. The material has been provided by InstaForex

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