13.02.201513:04 Forex Analysis & Reviews: Technical analysis of Gold for February 13, 2015

Long-term review

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Technical outlook and chart setups:

Gold is holding its major support at Fibonacci 0.618 ($1,220.00/21.00) for now. Besides, please note that the metal is around the resistance turned support region at $1,220.00/23.00. A bullish morning star candle stick pattern remains highly probable at the moment indicating a potential uptrend/rally from current levels. Immediate support is seen at $1,205.00 followed by $1,170.00 and lower, while resistance is seen at $1,245.00 followed by $1,286.00 and higher, respectively. Furthermore, the metal has kept its rising trend line support intact, which indicates no change in the short-term trend as well. Bulls are poised to remain in control untill prices remain above $1,170.00 levels.

Trading recommendations:

Remain ling; stop is at $1,170.00, target is $1,340.00.

Good luck!

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