FX.co ★ Gold analysis for January 23, 2017

Recently, gold has been trading upwards. The price tested the level of $1,219.15. In the 4H time frame and using the Ichimoku cloud, I found that there is potential re-continuation of the upward trend. I found cross Tenkan sen-Kijun sen which is a sign for potential strength. According to the 1H time frame, I found that price is trading above Ichimoku cloud and that gold may go higher. Pay atention to the level of $1,219.50. If the price breaks the level of $1,219.50, Gold may test the level of $1,233.00. Watch for buying opportunities. The first target is set at the price of $1,219.15 and the second target is at $1,233.00.

Resistance levels:

R1: 1,215.75

R2: 1,217.30

R3: 1,219.75

Support levels:

S1: 1,210.80

S2: 1,209.30

S3: 1,206.80

Trading recommendations for today: Watch for buying opportunities.