Gold buoyed by positive pressures. - Technical Analysis. - 11-01-2016
Gold prices rose in their intra-day levels trading, with the prices settling above the important support of 1,098.41, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the medium term (from 1,182.80 to 1,046.25), with the positive support from the simple moving average for the period 50, and along with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart.
Therefore we expect yet more gains for the precious metal, targeting the resistance of 1,114.53, which represents the ratio 50% of the same retracement levels, readying to attack it.