Gold: Today's Outlook
ICN.com | Jan 21, 2015 04:19AM ET
The upside move extended and gold is trading above the psychological barrier 1300.00 now, and above 76.4% and 78.6% correction represented in 1294.65 - 1299.35 respectively. Holding above 1294.65 extends the upside move in an attempt to test 88.6% correction at 1320.75, which is the main target for today.
Breaching 1320.75 and stabilizing above it triggers other bullish waves that targets 1345.10 that represent a previous top as showing on graph above. From the downside, breaking 1288.55 gets the price into a bearish correctional wave and fails our positive expectations intraday today.
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