30.01.201409:33 Forex Analysis & Reviews: Technical analysis for Gold for January 30, 2014

Long-term review

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Technical outlook and chart setups:

1. The yellow metal has retraced up to $1,270.00, which is fibonacci 0.618 resistance of recent fall from $1,279.00 to $1,248.00. It is recommended to hold on to short positions and also look to add further, risk remains at $1,286.50 for now.

2. Immediate resistance is $1,290.00/$1,300.00, while support is at $1,248.00 (intermediary), followed by $1,230.00, $1,220.00/10.00 and lower respectively.

3. The structure reveals that a pullback towards $1,215.00/20.00 levels could be due. Please note that $1,20.00/15.00 is also the 0.618 fibonacci retracement level of the entire rally from $1,182.00 through $1,279.00. On the other hand, a push through recent highs would target $1,290.00/95.00.

Trading recommendations:

Remain short for now, stop at $1,286.50, target at $1,220.00

Good luck!

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