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Technical analysis of gold for January 25, 2017

Gold weakness came as we expected but there is still no confirmation that the short-term top is in. A break below $1,195-97 will confirm the correction has started. Gold is expected to reach at least $1,180 as a pullback and retracement of the rise from $1,122.

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Blue line - bearish divergence

Gold price is testing Ichimoku cloud support. A break below short-term support of $1,195-97 will result in a deeper pullback towards $1,180 where we find the 38% Fibonacci retracement of the entire rise from $1,122. Resistance is at $1,220 and a new high, if it comes, is expected to be faded.

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Gold price is showing rejection signs at the lower cloud boundary as we expected for so long. This rejection is expected to push price towards $1,180 or even $1,160 before the next big move up starts.The material has been provided by InstaForex Company - www.instaforex.com