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    Gold technical analysis for February 4, 2016 2016-02-04

    Gold price continued moving towards new highs yesterday remaining inside the bullish channels and without any reversal signal shown yet. However, the price is now testing channel boundaries that are important resistance levels and now we are going to find out if this entire rally from $1,050 is a correction or a new uptrend beginning.

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    Gold price reached the upper channel boundary resistance and broke out above the 61.8% Fibonacci retracement. A trend remains bullish but bulls need to be cautious now and raise their stops because this can be the end of the entire rise from $1,050.

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