Gold Technical analysis for January 19, 2015
January 19, 2015 8:20 amVideo
Latest News
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 19 2024. April 19, 2024
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
Gold price has managed to reach $1,280 and is showing signs of weakness at the start of this week. A pullback towards $1,260-65 is justified as price is close to important channel resistance.
Blue lines = price channel
Gold price remains inside the short-term upward sloping channel that started at $1,160. The price channel shows that we have reached a short-term trend resistance level and that is why Gold price is pulling back lower. The pullback could reach $1,260 before the uptrend resumes higher towards $1,300.
Blue line = trend line resistance
On the weekly chart above, I observe two important things. The downward sloping trend line from $1,800 has been broken. The Ichimoku cloud is still above the current price but it is thin, thus vulnerable. At the same area where the Ichimoku cloud is, we find the 61.8% retracement of the decline from $1,393. If we clear above the Ichimoku cloud and the 61.8% retracement resistance at $1,292, then we could see the upward move extend towards the 38% retracement of the decline from $1,800.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: