GOLD Technical Analysis (19-23 January,2015) | January 18, 2015

GOLD broke its near term resistance. For that we saw bullish rally on gold. It is now full of bullish power. Next target will be 1315.


In weekly chart, a big bullish candle is formed. It is showing it full bullish power. It indicates for further bullish movement.


In daily chart, we can see two pin bar candle on the resistance level. But those pin bars did not get bearish candle and as a result price broke resistance with a big bullish candle. So daily chart also giving buy signal on gold. Our recommendation is to take buy from retracement. Buy zone is between 1245-1250 area.



Weekly Pivot, Support and Resistance


Resistance Two (R2): 1324

Resistance One (R1): 1302

Pivot Point: 1259

Support One (S1): 1237

Support Two (S2): 1194