Gold Hover Around 50% Fibonacci At 1118.00-1119.00
ICN.com | Jan 27, 2016 06:13AM ET
Gold hovers around 50% Fibonacci at 1118.00-1119.00 as seen on the provided chart and this level is decisive for today’s trading.
RSI14 is getting close to 70.00 levels, while ADX shows decrease in bulls’ power, but the bullish crossover on moving averages encourages us to expect extension in the uptrend.
Stability above 1119.00 is essential to see bullish moves, while coming below 1100.00 will negate.
Support: : 1114.00 – 1110.00 – 1101.00
Resistance: 1125.00 – 1130.00 – 1136.00
Direction: Bullish above 1119.00.
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