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26.01.2016 09:48 AM
Gold technical analysis for January 26, 2016

Gold price is moving higher towards our targeted area of $1,120-30. A trend remains bullish in the short-term, but bulls should start being cautious and raise their stops as we are approaching important resistance levels.

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Blue lines - bullish channel

Red line - long-term support

Gold price has reached the 50% retracement of a decline from $1,190. The trend is bullish as the price is breaking above the Ichimoku cloud. The next resistance and possible reversal level is seen at $1,130 where we find the 61.8% Fibonacci retracement.

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The weekly chart remains bullish for the short-term and price is approaching the kijun-sen resistance indicator as we expected. A weekly close above the kijun-sen will push gold price towards the Ichimoku cloud at $1,150.
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