Technical analysis of Gold for January 04, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold is trading higher today and has taken out interim resistance at $1,072.00 levels already. The metal has made intraday highs at the $1,074.50 levels and still looking to go further. Bulls seem to be poised to remain in control until prices stay broadly above the $1,057.00 levels from here on. It is hence recommended to remain long in the metal with risk at $1,050.00. Immediate support is seen at the $1,057.00 levels (interim), followed by $1,047.00 and lower, while resistance is seen at the $1,077.00 levels, followed by $1,081.00 and higher.

Trading recommendations:

Remain long for now, stop is at the $1,050.00 levels, target is open.

Good luck!

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