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    Gold wave analysis for February 18, 2016 2016-02-18

    Gold price did not move higher in an impulsive mode, but it is moving sideways in what looks to be a triangle pattern. This increases the chances of a deeper correction towards $1,150. We might see $1,230-40 first but there are many chances to see $1,150 before a bullish trend resumption.

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    On a weekly basis, the price is still above the broken downward sloping wedge and the weekly cloud. The price is back testing the breakout area. Reaching a higher low on a weekly basis will be the first step of a longer-term reversal pattern in gold prices.


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