GOLD Weekly Technical Analysis 11-15 January, 2016 | January 9, 2016

Gold has built new bullish momentum after breaking near term resistance level. Now it is looking for more high. On the chart, we can see that gold has broken a channel indicated by a box. After retesting that broken box, gold has started bullish movement again.


1093 level was a horizontal resistance for gold. Last week, gold has broken this level also. After broken that resistance level 1093 which becomes support for gold. Then it has retest that level also. It has pulled back from that 1093 level and formed a bullish pin bar. This pin bar indicates bullish momentum on this pair. So we can stay on bullish mode on gold.


Next target for gold is 1111 and then 1125 level. Buyers can target those levels.