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Gold prices recover, strong bearish pressure likely- short around 1095 with targets 1085/1077, SL 1100

Friday, January 15, 2016 4:22 PM UTC

Gold rebounded strongly after negative US retail sales data in early US session inching higher from 1082 levels up to 1097 levels.

Further upside is expected to be limited as the commodity is likely to find strong resistance around 1100 levels.
Gold is set to come under strong bearish pressure in the coming day's as further US interest rate speculation is set to put bearish pressure on the yellow metal .
To the upside, the strong resistance can be seen 1097, a break above this level would expose the commodity towards 1100 levels.
To the downside immediate support can be seen at 1086, a break below at this level will open the door towards next level at 1080.

Recommendation: Go short around 1095, targets around 1080/1075, SL 1100

Support levels: S1-1086, S2-1080, S3- 1071

Resistance levels: R1-1092, R2-1097 R3-1100

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Gold prices recover, strong bearish pressure likely- short around 1095 with targets 1085/1077, SL 1100

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