Gold (XAUUSD) Update for January 07, 2016

January 7, 2016

GOLD looks like a short term safe haven trade as equity traders’ panic sell at the start of the New Year in the wake of geopolitically tensions and uncertainty about global growth prospects. Long term price remains bearish. My strategy is to go long for the following short term targets: 1st target $1118.00, 2nd target $1140 before we see a retest of $1046.

Summary, XAUUSD (GOLD) for the short term trader supports buy positions for price targets $1118.00 and $1140.00. Short positions are supported for medium term traders for a $$1046.00 target.

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