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    Technical analysis and trading recommendations on Gold for February 17, 2015

    The strong US dollar pushed the metal prices down. After the soft US economic data, the US dollar weakened a bit. The yellow takes advantage of the weaker dollar holding its ground. The prices are slowly drifting towards resistance levels. On the hourly chart, the prices are making higher lows and higher highs pattern. But the overall picture looks bearish. Ahead of China's new year on February 19th, good buying is foreseen in China. In the previous week, the weaker US dollar helped the precious metal to hold the crucial support level at $1,217.00. If a daily close is below $1,217.00, bears can challenge $1,207.00, $1,204.00, and $1,199.00. The weekly key support level exists at $1,216.00. We recommend fresh selling only below $1,216.00. February 11th, 2015 high and low levels are acting as major support and resistance levels. The nearest resistance is set at 1239.00, above this at 1245.50. The weekly resistance exists at $1,246.00 and $1,261.00. The prices are trying to close above 50Dsma for 3-days, but at the end of the day the effort was unsuccessful. On the h4-chart, the prices are closed and trading above hourly moving averages. We recommend fresh buying above $1,240.00 with the targets at $1,245.00, and $1,251.00. On the down side, the intraday support exists at $1,229.00 and $1,224.00. The real panic situation will emerge below $1,216.00. Resistance: $1,235.00 $1,240.00, $1,246.00.
    Support: $1,226.00 $1222.00, $1,217.00.

    Selling below $1,229.00.

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    Uitgevoerd door, Analytische expert
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