FX.co ★ Technical analysis of Gold for January 01, 2015

Technical outlook and chart setups:

A 4H chart view for Gold has been depicted here. The metal bounced off the fibonacci 0.618 support around $1,160.00/70.00 levels last week and has been holding it untill now. Bulls should remain in control, till prices remain above $1,170.00 levels for now. In terms of price, the immediate support is seen at $1,170.00 (interim), followed by $1,143.00, $1,130.00 and lower while resistance is seen at $1,235.00, followed by $1,255.00 and higher respectively. It is recommended to hold long positions taken earlier around $1,170.00 levels last week and also look to add further on dips. Only a break below the trend line and subsequently below $1,143.00 would delay matters.

Trading recommendations:

Remain long, stop below $1,160.00, target is open.

Good luck!