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    Gold Technical analysis for February 6, 2015

    Gold price continues to trade inside a triangle pattern above the important support at $1,250 and below the short-term resistance at $1,275. The trend is neutral and traders had better wait.

    1423173331_goldh4.jpg

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    Black lines = triangle pattern

    Gold is trading inside the range. Gold bulls need to hold above $1,250 and break $1,280. Bears are looking for the exact opposite. Price is below the ichimoku cloud and this is another bearish sign but unless support fails, bulls feel comfortable.

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    Gold price continues to test the 38% retracement. This support level if broken will push price towards the green area where the Ichimoku cloud is and the 50 or 60% retracements. A break below the 38% retracement will be a big sell signal with the first target at $1,220.


    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
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