Gold flies higher - Technical Analysis - 26-01-2016
Gold prices jumped higher in the intraday levels, after breaching the pivotal resistance of 1,101.74, which represents the ratio 38.2% of Fibonacci retracement levels for a descending wave in the short term (from 1,191.51 to 1,046.25), with ongoing positive support from the SMA50, which gave the shiny metal a push higher, amid the overall guidance of the upward short-term trend line.
Therefore we expect more gains to come for the precious metal, targeting the resistance of 1,118.88, which represents the ratio 50% of the same retracement levels mentioned earlier.
Trend
Bullish