FX.co - Analysis of Gold for January 20,.2022 - Strong upside momentum and potential for test of $1.860

2022-01-20T15:15:10

Relevance until2022-01-21

Technical analysis:

Analysis of Gold for January 20,.2022 - Strong upside momentum and potential for test of $1.860

Gold has been trading upside as I expected in my previous analysis. I still see strong upside momentum and potential for further rally.

Trading recommendation:

Due to strong upside momentum and the upside structure, watch for buying opportunities on the intraday dips.

Upside objectives are placed at the price of $1,860 (Fibonacci expansion 100% and parallel line) and $1,875.

Both MACD and Stochastic are bullish and there is no sign for potential reversal.

Support level is set at the price of $1,835

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ Analysis of Gold for January 20,.2022 - Strong upside momentum and potential for test of $1.860