Gold leans on an upward trend line - Technical Analysis - 15-01-2016
Gold prices dropped lastly as we forecast in our previous report, leaning thereafter on the short-term upward trend line as shown in the attached chart, which gave them positive momentum that helped prices bounce off higher at today's morning, along with an influx of positive signals from relative power indicators like the Stochastic as shown below the attached chart.
Therefore we expect the precious metal to score some gains, targeting the resistance of 1,086.70, with coincides with touching the resistance of the simple moving average for the period 50.
Trend
Bullish