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    Technical analysis of Gold for February 25, 2016 2016-02-25

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    Technical outlook and chart setups:

    Gold is trading at $1,235.00/26.00 now after pulling back from $1,242.00 today. The metal has completed the second wave of its potential flat correction at $1,254.00. The metal should be looking for an opportunity to push lower just around $1,190.00 and further to complete wave 3 correction. Hence, it is recommended to remain short with risk above $1,255.00. Immediate resistance is seen at $1,255.00, while support is at $1,220.00. Please note that bears are expected to remain in control until prices stay below $1,255.00, going forward.

    Trading recommendations:

    Remain short now with stop at $1,256.00, a target is open.

    Good luck!

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