Technical outlook and chart setups:
Gold inched towards $,294.00 levels today before pulling back. Please, note that the metal is breaking out of the sloping resistance line at the moment. A complete bullish candle today would confirm the trend line break and continue pushing the metal higher towards $1,300.00/05.00 levels and higher. Immediate support is seen at $1,275.99/80.00 levels (trend line resistance turned into support), followed by $1,230.00/40.00, $1,205.00, $1,170.00 and lower, while resistance is seen at $1,300.00/05.00, followed by $1,320.00, $1,340.00 and higher respectively. It is recommended to remain long (if still holding positions) and also look for adding further on dips. Bulls seem to be in control for now and shall remain so untill prices stay above $1,170.00 mark.
Trading recommendations:
Remain long (if still holding) and look for buying further on dips. Target is at $1,305.00.
Good luck!
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 Technical analysis of Gold for January 20, 2015 . Thanks for your support.
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