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    Gold technical analysis for February 18, 2015

    Gold price made a strong downward reversal yesterday and broke our short-term support at $1,216. We expected gold price to move towards $1,200 once this support was broken and this is exactly what happened. Gold price stopped the decline just above $1,200. Now prices bounce, but this bounce is weak and I cannot rule out a new downward move to $1,190.

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    Blue trend lines = bearish flag Gold price is moving sideways with a slight positive slope. The price is most probably consolidating before the next move down. This could be a bearish flag pattern formation. This is a bearish sign. As long as gold price is below $1,225, the trend is bearish for the short term.

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    On the weekly chart above I show how the price got rejected at the weekly cloud resistance; and now it has broken below both the tenkan-sen and the kijun-sen indicators. If this week closes below the kijun-sen (yellow line), it will be a very bearish sign with high probability of this downward move for gold accelerating to new lows.

    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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