InstaForex - Analytics


    699.25 6.25/10
    61% of positive reviews

    Technical analysis of Gold for February 05, 2016 2016-02-05

    Show full picture

    Technical outlook and chart setups:

    Gold has made yet another high around $1,160.00 today. The metal is facing resistance at the intermediary trend line as depicted on the chart. A bearish reaction here could push the metal lower and also resume a larger down trend. Please also note that Fibonacci 0.786 resistance is also passing through $1,159.00 as seen here. A bearish reaction here could trigger a drop towards at least $1,140.00, which is back-side resistance turned support of one-year trend line. Major resistance is seen at $1,191.00, while immediate support is found at $1,152.00.

    Trading recommendations:

    Remain flat for now and wait for further confirmations.

    Good luck!

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree