Technical analysis of Gold for 11 February, 2015
Technical forecast and chart setups:
Gold seems to continue rally after bouncing off from the levels of $1,230.00 yesterday. The metal may still dive towards the levels of $1,221.00 before rallying again.
Make a note that the Fibonacci 0.618 support is also declining at $1,221.00 and it remains a fine buy if prices manage to get to there. Thus, it is suggested to hold long position for now and also to look to add lower for an extensive rally towards the levels of $1,340.00.
Potential support is seen at $1,221.00 levels followed by $1,205.00 and lower, at the same time resistance is seen at $1,285.00 followed by $1,307.00 and higher, correspondingly.
Bulls should be hovering to restart rally from here.
- Remain long; stop is at $1,170.00; target is open.
BEST OF LUCK !!