Forecast and technical analysis of Gold futures on January 7, 2016


The price of gold continues to move upwards, as signaled by the purple bars Heiken Ashi indicator. Senior Channel directed downward, indicating that the downward direction of movement of the global trend. Junior channel turned up, which means the upward direction and in the medium term. At the moment the price is above the moving average and higher than Murray's "6/8" indicates that the upstream traffic in the near future. The first target for the upward movement, so is the level of Murray's "7/8" - 1109.38. If the price will overcome this level of Murray, the new target will be the actual level of Murray's "8/8" - 1125.00. The moving average is pointing up, and the price is above it, so now more likely upward movement in the near future. Heiken Ashi colored the last bars in purple color that indicates a local upward movement. The CCI indicator is near the level of 200, which indicates the presence of a strong overbought gold futures.

4-hour timeframe

Forecast and technical analysis of Gold futures on January 7, 2016

Technical data Gold Futures:

  • Senior channel linear regression: direction - Down.
  • Junior channel linear regression: direction - Up.
  • Moving average (20; smoothed) - Up.
  • CCI: 163.9204.

Support levels:

  • S1 - 1093,75
  • S2 - 1078,13
  • S3 - 1062,50

Resistance levels:

  • R1 - 1109,38
  • R2 - 1125,00
  • R3 - 1140,63

Trading recommendations:
Now it is recommended to consider long positions with a view to 1109.38. Next target 1125.00. Short positions are currently not recommended to open.