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1/29/2016 3:11:50 AM

Gold searches for a bottom to bounce off it - Technical Analysis - 29-01-2016



Gold prices fell in the intraday levels, settling below the 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), as the precious metal searches for a bottom to bounce off it higher and keep the main upward trend going in the short term, while trading along its upside line, reaching eventually the support of SMA50, which lent it some positive momentum that helped it thereafter bounce upwards, along with a forming of a positive divergence in the Stochastic indicator as shown below the attached chart.

Therefore we expect the shiny metal to climb higher in the coming trading, as long as it settles above the resistance of 1,118.88, targeting afterwards the resistance of 1,136.02, which represents the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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