Gold price continues to trade in a neutral range for the short-term increasing the chances that we are currently in a consolidation range before a new upward move towards $1,330. Gold price has short-term support at $1,250 and short-term resistance at $1,288.
Green line = support
Black line = resistance
The gold price is trying to move back above the Ichimoku cloud and the black line resistance. If Gold price manages to break above those two resistance levels, I would expect a final leg up towards $1,330. If, on the other hand, we see a rejection at the current price levels and the gold price breaks below $1,250, we should expect a move towards $1,220 or even below $1,200.
Red lines = horizontal support levels
Gold price has bounced off the 38% Fibonacci retracement and as long as it holds above it we have more chances of seeing new highs towards $1,330. So bulls should use $1,250 as a stop reverse level that and if it is broken, traders should prefer short positions with $1,220 as the first target.
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Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2015 |
Gold technical analysis for February 3, 2015
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