Gold tackles a pivotal resistance - Technical Analysis - 25-01-2016
Gold prices rose in the intraday levels trading, with the ongoing positive support from the SMA50, along with an influx of positive signals from relative power indicators, and the overall guidance of the upward trend line. Gold then attacked the pivotal resistance of 1,101.74, representing the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 1,191.51 to 1,046.25)/
Therefore we expect more gains to come for the precious metal, as along as it confirms breaching the resistance of 1,101.74, targeting thereafter the resistance of 1,118.88, which represents the ratio 61.8% of the same retracement levels.
Trend
Bullish