Technical analysis of GOLD 01/16/2020
Gold updated the maximum after finding resistance at 1610.90, after which the price adjusted to 1535.50 without closing lower (38.2% Fibo) on the 1D timeframe. At the moment, quotes are consolidating around 1555.00.
There is a possibility that the downward correction will continue to (50% Fibo) to the area of 1530.00 level, after which the resumption of the upward movement above 1610.90 and its development up to the 2012 highs to the zone of the level of 1800.00. However, upward movement can be formed already from current levels without continuing correction, since the average level of correctional movement has already been covered.
The signal for canceling the option to continue the growth will be a decrease in the price below the zone of 1500.00, which will mean breaking through (61.8% Fibo), as well as an uptrend line on the 1D timeframe.
Created by Joshua Hayn