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    Gold technical analysis for February 8, 2016 2016-02-08

    Gold continued to move towards new highs above the resistance levels last week giving impressive strength signs which increased chances of a long-term bullish reversal underway. The level of $1,050 could be a long-term low, but if it gets broken we should expect prices to fall to the area between $950 and $850.

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    Gold price continues to trade above the Ichimoku cloud inside the red upward sloping channel. The price also remains above the kijun- and tenkan-sen indicators confirming that the short-term trend is bullish. Despite the pullback made on Friday, prices reversed sharply upwards confirming that bulls are in control.

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