FX.co ★ Technical analysis of Gold for January 07, 2014

Technical outlook and chart setups:

1. Gold attempts to extend its rally towards the $1,267.00/70.00 level for now. It is recommended to remain short with risk at $1,255.00 and also add fresh short positions here.

2. Resistance is at $1,267.00/70.00 for now, while support is at $1,182.00 followed by $1,180.00 and lower respectively. A break of either level would decide further trend setups for Gold.

3. The entire structure reveals that till the time $1,267.00/70.00 resistance is intact, Gold should see lower lows towards atleast $1,150.00/60.00 region.

Trade recommendations:

Remain short, stop at $1,255.00/60.00, target $1,150.00/60.00

Good luck!