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Gold Future Correction Risk Lower Before Bull Theme Renews (February 2015 Contract)
The Tuesday push above 2139 has reinforced the basing effort from last December for a bullish shift and leaves threats still higher for latter January.
Hesitancy at 1244/45, however, leaves the bias for a corrective dip this week.
Short-term Outlook - Upside Risks:
- We see a more positive tone with the bullish threat to 1256 through mid-month.
- Above here targets 1256, the 61.8% retrace at 1266 and 1298/99.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.
What Changes This? Below 1204 eases bull risks; through 1186 signals a neutral tone, only shifting negative below 1167.
- We see a downside bias for 1225 break here aims towards 1217, which we look to hold.
- But above 1244/45 opens risk up to 1250 and 1256.
Daily Gold Future Chart
2 Hour Gold Future Chart