FX.co - Analysis of Gold for January 10,.2022 - Upside breakout on good momentum

2022-01-10T12:23:54

Relevance until2022-01-11

Technical analysis:

Analysis of Gold for January 10,.2022 - Upside breakout on good momentum

Gold has been trading upside today and I see potential for further rally. There is the breakout of key pivot point at $1,797.

Trading recommendation:

Due to the breakout of the key pivot resistance at $1,797, I see potential for the bullish movement and upside continuation.

Watch for buying opportunities on the pullbacks and continuation al patterns.

Upside targets are set at $1,812 and $1,829.

Stochastic is showing bull reading and no signs for the reversal

MACD got rising slow line, which favors upside continuation.

Key support is set at $1,782

*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 10,.2022 - Upside breakout on good momentum