FX.co - Analysis of Gold for February 09,.2022 - Breakout of the contraction to the upside

2022-02-09T13:50:30

Relevance until2022-02-10

Technical analysis:

Analysis of Gold for February 09,.2022 - Breakout of the contraction to the upside

Gold has been trading upside today and I found the breakout of the contraction in the background, which is good sign for further upside continuation.

Trading recommendation:

Due to the breakout of the contraction in the background, I see possible upside continuation towards upside reference points.

Watch for buying opportunities on the pullbacks with the upside objectives at $1,846 and $1,852.

Support level is set at $1,824

*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 February 09,.2022 - Breakout of the contraction to the upside