21.01.201405:42 Forex Analysis & Reviews: Technical analysis of Gold for January 21, 2014.

Long-term review

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Technical outlook and chart setups:

1. Gold remains unchanged from yesterday at $1,253.00/54.00 levels at the moment. A push through is expected towards $1,267.00/70.00, before a meaningful pullback occurs. It is recommended to remain flat for now and initiate short positions higher.

2. Immediate resistance is at $1,267.00/68.00, while support is spread through $1,240.00, followed by $1,220.00/10.00, $1,882.00 and lower respectively.

3. The structure reveals that bulls would wish to challenge the $1,267.00/70.00 levels before retracement/pullback occurs.

Trading recommendations:

Remain flat for now. Look to sell in the $1,267.00/70.00 region.

Good luck!

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