Gold Forecast: Is It Heading North Or South

  • by Ihab Maximous
  • February 4, 2019, 14:54 AM
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Since mid-2016, gold has been moving in a volatile direction, on the daily timeframe, but over the past few weeks prices have rallied significantly to reach $1,311 on Monday and is likely to provide an excellent selling opportunity in the coming days.

According to the previous chart, gold is close to $1,345 and this level is very important as it corresponds to the upper limit of the triangle pattern, which represents a strong resistance level, in addition to the point of completion of a Bat Harmonic pattern, which supports the downturn as well.

The price also represents a strong psychological resistance level since it is close to $1,350, which certainly would not be breached easily. So, we expect a drop from $1,345 - $1,350 to $1,200 levels again, from which we consider a buy order.

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