FX.co ★ Technical analysis of Gold for January 09, 2014

Technical outlook and chart setups:

1. Gold has broken out the short-term resistance line, as seen in the daily chart. Furthermore, the $1,250.00 level has also been probed by the bulls recently. The recommendations are to remain flat for now.

2. Immediate resistance is seen at the $1,267.00/70.00 level followed by $1,295.00, while support is spread through the $1,207.00, $1,195.00, $1,182.00, and lower.

3. The structure reveals that till the time prices are above $1,182.00, the immediate resistance at $1,267.00 could be the next target for bulls. Movements below $1,182.00 would negate further strength.

Trading recommendations:

Flat for now. Watch for a reaction at the $1,267.00/70.00 levels.

Good luck!