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    Gold technical analysis for February 20, 2015

    Gold price was rejected by the Ichimoku cloud resistance in the short-term and remains inside the downward sloping channel confirming the bearish medium-term trend. A bigger bounce will come only if price manages to break above $1,225.

    goldh4.jpg

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    Blue line = support

    Red line = resistance

    Green lines = downward sloping channel

    Gold price is below the cloud resistance and therefore the trend remains bearish. Only a break above the resistance at $1,222-25 could signal a bigger bounce towards $1,250. Failure to hold above support at $1,197 will be another sell signal with the target at $1,180.

    goldd.jpg

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    The weekly chart remains bearish. With price below the kijun-sen (yellow line) and the red cloud, this means that bears are still in control despite the bounce towards $1,300. The rejection on a weekly basis was a bearish sign that could imply more downside towards even new lows below $1,080.

    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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