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13.01.202317:55 Forex Analysis & Reviews: Technical analysis on Gold for January 13th, 2023.

Exchange Rates 13.01.2023 analysis

Violet lines- Fibonacci retracement levels

Gold price is trading above $1,900 as price continues making higher highs and higher lows. Trend remains bullish as price breaks above key Fibonacci retracement levels relative to the decline from $2,069 to $1,614. Gold price has broken above the key resistance of the 61.8% retracement level. It is important for bulls to hold above this area and not get rejected. Around the 61.8% retracement level we usually see trend reversals. So far there is no sign of such a reversal. The RSI has reached overbought levels but has cancelled any previous bearish divergence as it makes new higher highs.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Alexandros Yfantis,
Analytical expert of InstaSpot
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