FX.co ★ Daily analysis of Gold for January 04, 2016

Overview

Gold is extending gains. The metal is likely to approach our first main target of $1,172.68. Let me remind you that it is important to monitor the price behavior when reaching this level. If this level is breached, it is a positive factor that will push the price to head for $1,211.31 in the short term. On the whole, the bullish trend will remain valid for today unless we witness a clear break. On the other hand, holding below $1,146.00 and breaking it represents a negative factor that will push the price to test $1,124.88 again before any new attempt to rise. The expected trading range for today is between $1,145.00 support and $1,180.00 resistance.