Technical analysis of Gold for January 11, 2016. Market Analysis Review

Technical outlook and chart setups:

Gold might have formed an interim resistance around $1,113.00/50 levels on last Friday. The metal should be dropping lower in a corrective way before the rally resumes. Please note that the metal has also hit the Fibonacci 0.382 resistance of the drop between $1,90.00 and $1,046.00 levels. A corrective drop towards $1,180.00 levels could be expected now before the rally could resume again towards $1,1125.00 levels at least. Immediate support is seen at $1,075.00 levels, followed by $1,057.00, while resistance is seen at $1,113.00 levels and higher. Watch out for a bearish reversal around $1,136.00 levels in the near term.

Trading recommendations:

Looking to re-enter long positions around $1,080.00.

Good luck!

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