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    Gold technical analysis for February 16, 2015

    Gold price has held the support levels of $1,216 and 61.8% retracement and is bouncing higher. The short-term trend remains bearish as long as the price is below $1,250. This means that a push below $1,200 is still not out of the question.

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    Black trend line = resistance The downward sloping trend line is resistance and it coincides with the red Ichimoku cloud that confirms that the short-term trend is bearish. Gold price has broken the short-term resistance at $1,230 and is now testing the $1,240 resistance. Important resistance level for this downtrend is at $1,245-50.

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    Black line = resistance The daily chart shows how the price is bouncing off the 61.8% retracement. Resistance is found by the tenkan-sen at $1,247 and next at $1,263 by the kijun-sen. The trend is bearish as long as the price is below the black trend line. The price is above the Ichimoku cloud and this is a bullish signal combined with the bounce off the 61.8% retracement. Support at $1,216 is critical. If it is broken, we will test $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
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