Technical Analysis of Gold for January 22, 2015 Market Analysis Review

GOLD

The yellow metal fell after the US data and ahead of ECB meeting it is trading with a bearish bias. Today, the metal opened on a bearish note at $1,293.10. The ECB is expected to initiate its QE program at today's meeting. Two euroarea central bank's officials said the ECB has recommended asset purchases of 50 billion euros a month until December 2016. All eyes are focused on the ECB meeting today. The ECB move is an important development in the markets. The metal is facing strong resistance on the weekly descending trend line. The intraweek resistance is at $1,310.00 and 100Wsma. From an intraday view, we recommend buying above $1,300.00 with the targets at $1,303.00 and $1,309.00. The hourly momentum will turn to positive in case, if the metal trades above $1,294.00. The metal has intraday support at $1,288.00 and $1,284.00. We recommend selling below $1,284.00.

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