Gold ends Monday 1/11 around $1,095/oz.

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Gold Ends Slightly Lower On Mild Profit Taking From Recent Gains 
Monday January 11, 2016 13:35

(Kitco News) - Gold prices ended the U.S. day session slightly down Monday, on a profit-taking and corrective technical pullback from recent gains that saw prices hit a two-month high late last week. The mild downside correction was not unexpected given the good advance in gold prices, which have rallied by about 4% so far in 2016. February Comex gold was last down $1.90 at $1,096.0 an ounce.

 

Technically, gold bears still have the overall near-term technical advantage, but the bulls have gained upside momentum to suggest a market bottom is in place. Price action recently produced a bullish upside “breakout” from the sideways trading range at lower levels seen the past month.

 

Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,125.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,080.00.

 

First resistance is seen at today’s high of $1,108.30 and then at last week’s high of $1,113.10.

 

First support is seen at Friday’s low of $1,091.80 and then at $1,080.00.