04.02.201504:35 Forex Analysis & Reviews: Technical analysis and trading recommendations on Gold for February 04, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The yellow metal made a double top and slipped to the support levels. As we recommended in yesterday's articles, the selling pressure will appear only below $1,266.00. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers will acquire gold. The focus has shifted to today's ADP non-farm employment data. The metal fell, due to fading concerns over Greece. The metal has support at $1,255.00 and $1,249.50. The panic will be triggered below $1,249.50. We recommend fresh selling only below $1,249.50. The prices have been taking support at $1,255.00, a 12-hour low.

Resistance: $1,286.00, $1,297.50, $1,303.00.

Support: $1,255.00, $1,249.50, $1,239.00.

At the Asian session, the metal is trading at $1,260.00. The support exists at $1,255.00, 12-hour support. We can expect weakness below it. The next support levels are expected to be at $1,251.50.00 and $1,249.50.00. Until the metal trades and closes below $1,286.00, use every rise to sell with the targets at $1,230.00. Safe traders can sell below $1,249.50 and risky traders can sell below 1255.00.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.