For Traders

Analytical Reviews

Technical analysis

26.01.201609:48 Forex Analysis & Reviews: Gold technical analysis for January 26, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

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.

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.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.