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21.01.2015 01:57 PM
Technical analysis of Gold for January 21, 2015.
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Technical outlook and chart setups:

Gold has hit yet another intraday high at $1,303.00/04.00 levels before pulling back. The metal is seen to be trading at $1,296.00 levels at the moment and has formed a potential tweezer top candlestick pattern on the 4H chart depicted here. The minimum Fibonacci extension has been met at $1,300.00/05.00 levels today, hence a meaningful pullback could occur before the next leg up resumes. It is recommended to fox full/partial profits on long positions held earlier and remain flat for now. The metal could retrace at least up to $1,250.00 levels (Fibonacci 0.38 support), before resuming rally further towards $1,340.00 levels.

Trading recommendations:

Fix full/partial profits on long positions taken earlier, wait for a pullback to re-enter.

Good luck!


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