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GOLD/USD Forecast January 28, 2015
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Fundamental Analysis

Gold steadied above $1290 an ounce on Wednesday, after reaching large gains on the previous session amid the decline of the US Dollar after the release of disappointing US Durable goods orders. Today the main focus of the traders will turn today to the FOMC meeting decision and whether a weaker global economy may affect the U.S. Federal Reserve's enthusiasm to raise interest rates or not .

Technical Analysis

The Gold rose during yesterday trading session and then closed above the Golden Fibonacci level 61.8 % which is considered as a strong barrier for the prices to resume its general bullish trend. And the Gold is now trading within a correction Flag. as long as the prices remain trading within this Flag, the Gold is expected to maintain its bearish trend toward $1293 per, and a break above this level will represent a good signal to resume the general bullish trend toward $1296 then $1306. As for the key expected target it lays around $1334 per ounce.


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