Daily Forecast - 27 January 2016

Gold Spot

Gold

Gold initially hit the target 1116/18 & topped exactly here as expected, dipping to the first support at 1109/08 & bottomed exactly here. We then broke higher to the next target of 1122/23 & topped exactly here. We look a little overbought now short term to watch for profit taking today. First support at 1116/15 but below here targets a buying opportunity at 1111/1110. Longs need stops below 1108. A break lower however targets an excellent buying opportunity at 1106/05. A bounce from here is expected but longs need stops below 1102.

Resistance at 1122/23 could hold any bounce again today. However a break higher then targets 1129/30. Gains are expected to be limited in overbought conditions & we could use this as a selling opportunity with stops above 1134.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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