empty
 
 
29.01.2015 03:00 PM
Technical analysis of Gold for January 29, 2015
This image is no longer relevant

Technical outlook and chart setups:

Gold breaks lower through the $1,269.00 levels as it was expected and discussed yesterday. The metal has also broken the support trend line passing through the lows, starting from $1,170.00 levels as seen here. The metal is expected to be well supported at $1,250.00 levels as you can see on the chart (red). Please also note that $1,250.00 is the Fibonacci 0.382 support of the rally from $1,170.00 to $1,307.00 levels, respectively. Immediate support is seen at $1,250.00 followed by $1,220.00/25.00 and lower, while resistance is seen at $1,295.00 (interim) followed by $1,307.00 and higher, respectively. Bears are expected to remain active for a while, before bulls take back control.

Trading recommendations:

Initiate long positions around $1,250.00 and lower untill $1,220.00/25.00, stop is below $1,200.00, target is open.

Good luck!


Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback