Gold
is bouncing from highs and lows today but nevertheless is being stuck between narrow
range.
During the last five weeks the precious metal is showing strong uptrend, but
fails to cross beyond the nearly two month-high at $1.1219.
Gold is limited by a strong resistance at $1220 – 1222 area, which is the 50%
Fibonacci retracement of last year’s upward movement.
Currently Gold is flirting with $1200 mark, but risky circumstances are on the
way. The Donald Trump inauguration is going to bring some turbulence and
increased volatility on markets and to set the greenback under pressure.
Gold is facing resistances at $1215 and $1220 (50% Fibonacci retracement). If
bulls find enough strength to overcome these levels, next target is seen at $1230
(January’s his). Looking to downwards immediate support is located at $1195
(the weekly low), followed by $1186 (61.80% Fibonacci retracement).
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