Technical analysis of Gold for January 28, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold pushed higher and finally hit its initial extension at $1,125.00 seen in the H4 chart. The metal is correcting lower now looking for an opportunity to form a base around $1,110.00/11.00 and up to $1,106.00 before resuming its rally. Please note that the yellow metal is poised to push through $1,136.00, if not further. It is hence recommended to take some profits now and buy again at lower levels mentioned above. Immediate support is seen at $1,110.00, while resistance is seen at $1,127.00/30.00. Please note that the metal has been holding the trend line support as well.

Trading recommendations:

Book partial profits and look for an opportunity to add further around the level of $1,110.00 with stop at $1,092.00. A target is at $1,136.00.

Good luck!

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