Friday, January 11, 2019

Gold - 19 January 2019


Fundamental Highlights

Gold prices are continuing their steady march upwards, rising into $1300 level during yesterday's and today's early session. Gold prices have lifted for three of the last four weeks, and looks set to end up for a third week in a row as risk aversion continues to see investors propping up the precious metal amid not so positive expectations for global growth figures as major economies around the world suffer from lagging expansion.

Technical Analysis

Gold prices are getting closer to reach the $1300 level with a little resistance at the $1299 level. The move is getting more and more overextended and a pullback towards the $1280 zone is needed to attract more bulls if they want to see the price breaching the $1300 level. The price is currently hovering above the $1291.83 support level and we will be focusing on the $1285 level before we can witness another upward move.

Support: 1282.39 / 1277.18
Resistance: 1291.83 / 1299.26

Chart (H4)