InstaForex - Analytics

InstaForex

719.00 6.50/10
61% of positive reviews
Real

Gold technical analysis for February 2, 2015

Gold price bounced strongly on Friday only to reach the first important short-term resistance of the 61.8% retracement of the decline from recent highs. The price is pulling back down and it is important for bulls to hold above $1,252 in order to resume the uptrend towards $1,330.

gold.jpg

Show full picture

As shown on the chart above, gold price reached the 61.8% retracement of the decline and got rejected. Short-term support is at $1,270 and next at $1,263. Resistance is at $1,285. A break above $1,285 will be a bullish signal that will put the previous highs at $1,307 to the test.

goldd.jpg

Show full picture

Red lines = horizontal support levels

Gold price has made a considerable bounce last week after reaching the 38% retracement of the rise from $1,160 to $1,307. Holding above it will be a bullish sign. Breaking below the 38% retracement will be a sell signal with target $1,220. Making a higher low around $1,270 and then breaking above $1,285 will be a buy signal with $1,330 target.


Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
InstaForex Group © 2007-2015


To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree