17.01.2014 - Gold is consolidating and is awaiting further direction from stock indexes .
Price is consolidating around a strong level of 1242. Further movement will depend upon the performance of the Chinese economy. Large block of macro statistics from China will come this Saturday. Due to the low attractiveness of investment in gold on a background of rising stock markets, traders do not rush to accumulate long positions.
Growth is limited at the local rising channel and resistance level at 1265. Support is located at around 1220 .
We wish you profitable trading!
FXFINPRO Capital Analytical Department