InstaForex - Analytics


    699.25 6.25/10
    61% of positive reviews

    Gold technical analysis for February 10, 2015

    Gold price remains in a short-term downtrend. The price is making a short-term bounce and I expect selling pressures to come back and push price towards a new short-term low towards $1,220 or even $1,200.


    Show full picture

    Black lines = triangle pattern

    Red line = bearish flag

    The 4-hour chart above shows the bearish flag that gold price is currently forming. Support is found at $1,235 and resistance at $1,245. The price is below the Ichimoku cloud and the trend is bearish. I remain bearish expecting the price to continue lower after the triangle breakout to the downside.


    Show full picture

    Gold price is expected to reach the green area as shown on the chart above and most probably to reach the 61.8% retracement. I also believe that if we break below the 61.8% retracement we should expect gold price to test the Ichimoku cloud support at $1,200-$1,190.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door 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 or Join us

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