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15.01.2015 11:51 AM
Gold technical analysis for January 15, 2015

Gold price is currently above the short-term support of $1,225. The rejection at $1,245 is not a good sign and it increases the chances of a fake breakout. As long as Gold price is above $1,225, bulls will have the upper hand. Bullish confirmation will come if we break above $1,245.

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Red line = resistance

Blue line = neckline

Green line = support

Gold price is testing the neckline at $1,225. The double top from the rejection at $1,245 is not a good sign for bulls. If the neckline is broken at $1,225, I will have $1,205 as the first target, but the bearish implication from the fake breakout will be bigger and very bad for the longer-term view.

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The daily chart of Gold price is worrying the bulls as the long-tailed red candles imply fake breakout. Bulls want price to hold support and break resistance at $1,245 to confirm breakout towards $1,270.

Alexandros Yfantis,
Especialista em análise na InstaForex
© 2007-2025
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Alexandros Yfantis
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