FX.co ★ Technical analysis of Gold for January 28, 2014.

Technical outlook and chart setups:

1. The metal has retraced from its recent highs at $1,276.00/79.00. It is still expected to fall further in a corrective manner though, hence recommendations are to remain short for now. Risk remains a $1,283.00/84.00.

2. Immediate resistance is at the $1,290.00/95.00, while supports are spread through $1,230.00, followed by $1,220.00/10.00 and lower respectively.

3. Structure reveals that the metal is poised to fall towards fibonacci 0.618 support at $1,215.00, before the next rally could resume.

Trading recommendations:

Remain short, stop is at $1,285.00, the target is $1,220.00

Good luck!