Technical analysis of Gold for January 29, 2016

Technical outlook and chart setups:

Gold formed a bottom around $1,108.00/09.00 and then reversed. The metal is trading around the level of $1,115.00/16.00 now looking for a way to push higher towards $1,136.00 at least. An overall bullish structure still remains intact in the yellow metal chart. Gold bounced off a trend line support, Fibonacci 0.382 support, and past resistance turned support as depicted on the H4 chart. It is hence recommended to remain long and also add further positions with risk at $1,100.00. Immediate support is seen at $1,100.00, while resistance is seen at $1,128.00 (interim).

Trading recommendations:

Remain long with stop at $1,100.00, a target is open.

Good luck!

The material has been provided by InstaForex Company –