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Gold finds resistance at 1122, outlook remains bearish - Short around 1118, targets around 1105/1098, SL 1128

Wednesday, January 27, 2016 3:40 PM UTC

Gold has slipped lower on Wednesday as investors remained cautious ahead of Federal Reserve's first policy statement of the year which is expected to throw some light on further US rate hike.

Currently the yellow metal has retreated after finding resistance at 1122 levels, it is set to decline further towards downwards as the resistance formed at 1122 is set to hold the bulls from advancing further.
To the upside, strong resistance can be seen 1128, a break above this level would expose the commodity towards 1132 levels.
To the downside immediate support can be seen at 1114, a break below at this level will open the door towards 1105 levels.

Recommendation: Go short around 1118, targets around 1105/1098, SL 1128

Support levels: S1-1114, S2-1105, S3-1098

Resistance levels: R1-1122, R2-1128, R3-1140

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Gold finds resistance at 1122, outlook remains bearish - Short around 1118, targets around 1105/1098, SL 1128

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