Technical analysis of Gold for January 25, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold is trading around the levels of $1,104.00/05.00 now looking for an opportunity to test $1,113.00. The metal is likely to seek a push through $1,125.00 and $1,136.00 subsequently until bulls keep prices above the trend-line support. The metal has been bouncing off the Fibonacci and trend-line supports as depicted on the H4 chart. It is hence recommended to remain long for now with risk at $1,080.00. Immediate support is seen at $1,092.00 followed by $1,082.00 and lower, while resistance is seen at $1,13.00 and higher.

Trading recommendations:

Remain long with stop at $1,090.00, a target is at $1,125.00.

Good luck!

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