Forecast and Technical Analysis of Gold Futures on 11 January 2016


The price of gold futures corrected to the level of Murray's "6/8" and jumped from it. Senior Channel directed downward, indicating that the downward direction of movement of the global trend. Junior channel directed upward, which means the upward direction of travel in the medium term. At the moment the price is above the moving average and higher than Murray's "6/8" indicates that the upward direction movements in the near future. The first target for the upward movement 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 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 100, which indicates the presence of a weak gold overbought.

4-hour timeframe

Forecast and Technical Analysis of Gold Futures on 11 January 2016

Technical data of Gold Futures:

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

Support levels:

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

Resistance Levels:

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

Trading recommendations:
Gold futures now it is recommended to consider long positions with a target to 1109.38. Next Target, in the case of the first to overcome is 1125.00. Level stop is recommended to place below the moving average. Short positions are currently not recommended to open.