Gold Morning Technical Report 23/1/2015

Despite yesterday's bullish rally above 1300.00, the metal moved back to the downside to trade below the referred to level but above 1294.65 and the support 1285.15. RSI is showing overbought signals; meanwhile, the positive signals are increasing on Linear Regression Indicators.

Therefore, we prefer to remain neutral today waiting for new confirmation signals. From the downside, breaking 1285.15 triggers a bearish correctional wave, while from the upside, we should wait to confirm breaching 1308.55 along with a daily closing above it to confirm bringing back positivity.