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    Technical analysis of Gold for February 08, 2016. 2016-02-08

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    Technical outlook and chart setups:

    Gold prices hit a fresh high around the levels of $1,173.50 on Friday. The metal has opened lower today and is seen to be trading around $1,165.00 looking for an opportunity to retrace lower before resuming the trend. Please note that the metal is also hitting/testing an intermediary resistance line connecting highs of May and Oct 2015. A bearish reaction here could resume the bear trend and push prices towards fresh swing lows. It is hence recommended to remain flat and look for a further confirmation. Immediate resistance is seen at $1,191.00, while support is seen at $1,110.00 on the daily chart. A breakout above $1,191.00 could be extremely bullish for the metal going forward.

    Trading recommendations:

    Remain flat now.

    Good luck!

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