Gold price today technical analysis 28-1-2013

Gold prise is pushed up by the Comex market


Pair of gold / U.S. dollar closed at the last week at a lower price than the opening price, since failure to hack back above the 1695-1705 area resulted by technical sale.

The pair is trading in a flat large channel since 70 weeks, and the settlement price is located above the center of the halfway line for large area of consolidation. For this reason, I think that the 1652-1642 area will be very important for the future direction of this pair. As the prices moving in a bearish channel in the daily time frame, I think that the support area will be tested this week.