You are here: Home > articles > Commodities > Forex > Technical analysis of gold for January 8, 2018
Technical analysis of gold for January 8, 2018
January 8, 2018 1:22 pmVideo
Latest News
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- (no title) April 7, 2024
- Technical Analysis of Intraday Price Movement of Filecoin Cryptocurrency, Friday April 05 2024. April 7, 2024
- Technical Analysis of Intraday Price Movement of Bitcoin Cryptocurrency, Friday April 05 2024. April 7, 2024
- Analysis of EUR/USD. April 5th. There is still no positive news from the E April 7, 2024
- GBP/USD: trading plan for the US session on April 5th (analysis of morning deals) April 7, 2024
- EUR/USD: trading plan for the US session on April 5th (analysis of morning deals). The euro hit 1.0842 April 7, 2024
The Gold price is about to start a correction lower at least towards $1,290. Trend in the very short-term is turning bearish as price has showed topping and reversal signs. The bearish divergence we mentioned last week is starting to push price lower.
Blue lines – bearish divergence signs
The Gold price has short-term support at $1,313 and next and most important short-term support at $1,306. Breaking below $1,306 will confirm the top is in. My target is to see the price at least reach the 38% Fibonacci retracement around $1,290. However, there are many chances we could see much lower.
Short-term resistance is at $1,323. Price is at overbought price levels in the daily chart and my minimum expectation would be to push the price back towards cloud support around $1,280-70. I’m heavily bearish Gold at current levels.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: