Gold rises with the support of the upward trend line - Technical Analysis - 18-01-2016
Gold price rose in the intraday levels trading, which comes after leaning on the upward trend line in the short term as shown in the attached chart, with the prices settling above the pivotal support of 1,080.53, which represents the ratio 23.6% of Fibonacci retracement levels for a descending wave in the short term (from 1,191.51 to 1,046.25), and benefiting from the support of the SMA50.
Therefore we expect more gains to come for the precious metal, especially of it breached the resistance of 1,101.74, which represents the ratio 38.2% of the same retracement levels mentioned earlier, targeting thereafter the resistance of 1,118.88, which represents the ratio 50%.
Trend
Bullish