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    Technical analysis of Gold for February 04, 2015

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    Technical outlook and chart setups:

    Gold drops to test intermediary lows at $1,250.00 levels as seen here. The metal still remains in control of bulls till prices remain above $1,250.00. It is recommended to remain long and also look to add further positions at current levels. A bullish bounce is expected from current levels, which could push the yellow metal through fresh swing highs and subsequently towards $1,340.00. Please note that the yellow metal had bounced off the fibonacci 0.382 support at $1,250.00 levels earlier and the current drop is still considered as a test. Bulls are poised to rally.

    Trading recommendations:

    Remain long, stop at $1,245.00, the target is $1,340.00.

    Good luck!

    Uitgevoerd door, Analytische expert
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