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Gold may touch $1711 if break above $1614


January 08, 2020

Gold may touch $1711 if break above $1614

Iran attacks bases housing US troops, pushing gold to new height. Despite US President twitte "All is well", tension in Middle East may cause gold to reach $1711 per ounce.

As we inform before on 06 Dec 2020 gold technical analysis spot gold bounced to $1611 in early session. If it breaks resistance at $1614 per ounce, it may go towards $1711, more realistic at $1639, the next immediate resistance.

This pattern suggest that gold may travel to $1711, a 238.2% projection level of uptrend from $1266.27. The resistance at $1639 is identified as 200% and resistance at $1639 as 186.4%.

The support is at $1568, correction from current level may limited to this support only.

 

Gold Technical Analysis 08 Jan 2020

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