Gold breaches an important resistance - Technical Analysis - 27-01-2016
Gold prices kept rising in the intraday levels, succeeding in breaching the important resistance of 1,118.88, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1,191.51 to 1,046.25), closing above it, along with the control of the upward short-term trend line, and the positive support from the SMA50.
Therefore we expect more gains to come for the shiny metal, targeting the resistance of 1,136.02, which represents the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bullish