Gold amid positive outlook - Technical Analysis - 01-02-2016
Gold prices resumed their rise in the intraday levels, which comes after leaning on the SMA50, which lent it positive momentum that nudged it higher, breaking through 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), settling above it again, which buoys the precious metal for the coming trading.
Therefore we expect more gains to come for the yellow metal, targeting the resistance of 1,136.02, which represents the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bullish