FX.co ★ Analysis of Gold for February 20, 2019

As expected gold is trading towards our minimum target at $1.360.00. This is an important long-term resistance area and the bulls are sure to find resistance there and that is why the level of $1.360.00 looks good for profit taking.

Rising white line – running support

Blue line – key long-term resistance

Gold is making higher highs and higher lows in the daily time - frame. Price has bounced from the running upward trendline (support). Resistance is important around $1.360. Key short-term support is set at $1.324.00.

Trading recommendation: We are still bullish on Gold from $1.328.00 but we moved our stop loss on breakeven. Profit target is set at the price of $1.360.00.