FX.co ★ Technical analysis of gold for January 06, 2015

 Technical outlook and chart setups:

Gold has rallied past the $1,210.00 levels as seen on the 4H chart depicted here, taking out the first resistance. A break could be expected before it rallies further towards $1,238.00 levels. It is recommended to remain long for now and also loon to add further on dips. Please also note that the immediate trend line resistance has been broken and prices have moved into the buy zone. Immediate support is seen at $1,200.00 levels (resistance turned support line), followed by $1,186.00, $1,178.00 and lower while resistance is seen at $1,223.00 followed by $1,235.00 and higher respectively. Bulls should remain in control till prices remain above $1,170.00 from here on.

Trading recommendations:

Remain long for now, stop below $1,250.00, target is open.

Good luck!