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GOLD January 08, 2016

Gold inclined to trade around 1101.00, which represents 38.2% Fibonacci, while SMA20 and SMA50 carries the movements from the underside.

The bullishness depends on stability above 38.2%, as clearing it will open the door towards 1118.00, but we may witness some fluctuation around 1100.00, while trading above 1080.00 is positive.

Support: : 1090.00 – 1080.00 – 1065.00

Resistance: 1102.00 – 1119.00 – 1136.00

Direction: Bullish