Gold Analysis: Still corrective
|"Jan 19 Gold prices were down on Thursday on a strong dollar after Federal Reserve Chair Janet Yellen advocated lifting U.S. interest rates gradually."
– Michael Perry (Based on Reuters)
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Pair's Outlook
The daily chart shows Gold being on a retracement of the broken upper boundary of the senior channel down pattern. The pair has additionally broken the junior channel that had to break about a week ago. Ground is set at 1,191.73, because with more risk at 1,184.64/1,181.87, where losses are ultimately to be cut. Resistance lies at 1,198.77 and then 1,211.87 with risk more to the downside rather than above, meaning that the 1,184.64/1,181.87 area is the most appropriate target for today. -
Traders' sentiment
Traders remain slightly bullish regarding the bullion, as 53% of open SWFX trader positions are long on Thursday. Meanwhile, 57% of trader set up orders are to buy the metal.
Interested in GOLD technicals? Check out the key levels
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