Wednesday, 27 January 2016

Gold : analysis for January 27 , 2016 Market Analysis Review

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Overview:

Since our last analysis, gold has been trading upwards. As I expected, the price tested the level of $1,122.73 in a volume above the average. An intraday trend is upward. The price broke our resistance level at $1.111.50 and I found successful re-test, which is a sign that we may see further upward movements. Also. the price is above all key MA`s (SMA 50,100,150,200) according to the 4H time frame. The area around the level of $1,112.00 looks like a good place to open buy positions. The take-profit zone is set at the level of $1,134.00 (Fibonacci retracement 61.8%). Be careful because of the today`s Federal Funds Rate.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,120.60

R2: 1,122.20

R3: 1,124.65

Support levels:

S1: 1,115.80

S2: 1,114.30

S3: 1,111.90

Trading recommendations: Watch for potential buying opportunities on dips.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Gold : analysis for January 27 , 2016 . Thanks for your support.

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