Gold Morning Technical Report 30/1/2015

The metal dropped yesterday and is trading below 61.8% correction at 1263.45. We also notice that the price fell and is trading below Linear Regression Indicators, accompanied by trading below the key resistance level as showing on graph. Therefore, the downside move could extend and we currently target retesting 1238.25 at 50% correction.

RSI and MACD are showing a negative bias supporting the possibility of extending the bearish correction. From the upside, only a break above 1285.15 weakens the negative possibility, but we prefer to keep trading below 1263.50 to strengthen the bearish possibility today.