FX.co ★ Forecast and trading recommendations on Gold for January 28, 2015

The yellow metal took the parallel support from January 19th low at $1,271.80 at yesterday's session. The yellow metal has surged after the US economic data gave a mixed weather. The metal gave approx $20 at yesterday's session. The metal has been facing strong resistance between $1,300.00 and $1,307.00. The metal can challenge strong upward momentum above $1,307.50 with the targets at $1,319.00, $1,322.50, $1,335.00, $1,340.00, and $1,344.00. On the monthly chart, the descending trend line has been acting as a strong resistance. At today's session, we recommend selling below $1,287.00 and safe selling will be triggered below $1,283.00. The panic will be triggered below $1,271.00. Today, the focus has shifted to the Federal Reserve's policy meeting. The key factor is the deadline of raising the benchmark short-term interest rates. On the H4 chart, the prices are closed and trading below 35DEMA. The intraweek support exists at $1,266.00 and $1,254.70. In case if the metal breaks below $1,271.80, it can extend its fall towards $1,269.00, $1,266.50, $1,262.50, and $1,255.00. In case a weekly close is below $1,266.00, bears tighten their grip towards $1,255.00,$1,238.00, and $1,214.00. On the bullish front, we can expect strong upward momentum only above $1,309.00 towards $1,340.00.