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Gold technical analysis for January 15, 2015

Gold price is currently above the short-term support of $1,225. The rejection at $1,245 is not a good sign and it increases the chances of a fake breakout. As long as Gold price is above $1,225, bulls will have the upper hand. Bullish confirmation will come if we break above $1,245.


goldh4.jpg

Red line = resistance


Blue line = neckline


Green line = support


Gold price is testing the neckline at $1,225. The double top from the rejection at $1,245 is not a good sign for bulls. If the neckline is broken at $1,225, I will have $1,205 as the first target, but the bearish implication from the fake breakout will be bigger and very bad for the longer-term view.


goldd.jpg

The daily chart of Gold price is worrying the bulls as the long-tailed red candles imply fake breakout. Bulls want price to hold support and break resistance at $1,245 to confirm breakout towards $1,270.


The material has been provided by InstaForex Company - www.instaforex.com