FX.co ★ Technical analysis of Gold for January 29, 2015

The hawkish Federal Reserve statement pushed the yellow metal towards the $1,280.00 levels. The prices are closed and trading below hourly moving averages. Until the prices trade below $1,290.00, bears have an upper hand. The intraweek support exists at $1,266.00 and $1,254.70. In case if the metal breaks below $1,271.80, it can extend its fall towards $1,269.00, $1,266.50, $1,262.50, and $1,255.00. In case, a weekly close is below $1,266.00, bears tighten their grip towards $1,255.00,$1,238.00, and $1,214.00. The metal has been facing strong resistance between $1,300.00 and $1,307.00. The metal can challenge strong upward momentum above $1,309.00 with the targets at $1,319.00, $1,322.50, $1,335.00, $1,340.00, and $1,344.00. On the monthly chart, the descending trend line has been acting as strong resistance.

Selling at current prices of $1,282.00.