Rupesh
Long

Buy Setup Gold around 1080 ( SL 1070 Close Blow )

FX:XAUUSD   Gold Spot / U.S. Dollar
115 1 5
Gold             wave analysis for January 16, 2016 >>>>>>>>>>>>>>

The gold             price has reached important short-term resistance levels in the $1,100-$1,110 area. A pullback is justified, but for bulls to remain in control, the price should not fall below $1,070 and overlap the high of the wave 1.




Comment: GOLD Eyes Further Upside Pressure On Rally>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
GOLD: Having closed strongly higher on a rally the past week, GOLD eyes further upside pressure. On the downside, support comes in at the 1098.00 level where a break will turn attention to the 1088.00 level. Further down, a cut through here will open the door for a move lower towards the 1080.00 level. Below here if seen could trigger further downside pressure targeting the 1070.00 level. Conversely, resistance resides at the 1115.00 level where a break will aim at the 1125.00 level. A turn above there will expose the 1140.00 level. Further out, resistance stands at the 1150.00 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, GOLD eyes further upside pressure following its strong past week rally.
Trade active: As we dicusssed earlier>>>>>>>>>>>>>>>>
Gold price continues its downward slide diminishing the chances of the bullish scenario of an impulsive wave up. So this upward bounce is most probably complete with an A-B-C correction and an important high at $1,111.
Trade closed manually: Friend Book Profit and exit from buy call setup on monday morning this buy setup only was one week. so exit
Friend Book Profit and exit from buy call setup on monday morning this buy setup only was one week. so exit
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