FX.co ★ Gold technical analysis for January 21, 2015

Gold price has broken above $1,300 and has closed above the 61.8% retracement resistance of the decline from $1,393. This resistance is important and as long as we hold above $1,300, momentum will be in favor of bulls. We could see a minor pullback towards $1,290 today to backtest broken resistance but overall trend is bullish.

On the daily chart aboe we see how Gold has broken above the 61.8% retracement of the decline from $1,393. Price is clearly above the Ichimoku cloud with all Ichimoku indicators fully bullish. My target for the short-term is at $1,330.

Green line = support

In the shorter-term Gold price remains in an uptrend as price makes higher highs and higher lows. Price is above the Ichimoku cloud on the 15-minute chart. Short-term double top pattern at $1,303 is signaling the potential of a short-term pullback towards $1,290. Trend remains bullish and any pullback should be considered a buy opportunity with $1,240 stop.