21.01.202023:57 Forex Analysis & Reviews: Gold short-term target at $1,578

Long-term review

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Gold price was under pressure at the beginning of the trading session today and price pulled back towards the short-term support area of $1,548-50 area. Price respected support and bounces off that area challenging again the short-term resistance at $1,565-60.

Green rectangle - support area

Red Fibonacci extension - possible targets

Gold price has so far created a higher low with today's pull back. Resistance is at $1,565-68 and a break above this level will push price towards $1,578 or even $1,598. Short-term trend is bullish and a move above $1,568 will confirm this strength. On the other hand bears want to see price break below $1,548 for a move towards $1,510. At this point I believe that the most probable and best scenario to trade, is the bullish one.

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