18.02.201503:06 Forex Analysis & Reviews: Technical analysis and trading recommendations on Gold for February 18, 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 extended its losses at yesterday's session. The metal broke below $1,216.00, which triggered panic selling from the technical view. China is heading into a holiday period ahead of the Lunar New year. Before this holiday period, physical buying is also moderate. We recommended selling at $1,229.00 with the targets at $1,207.00, $1,204.00, and $1,199.00. The metal made a low at $1,203.40. If the prices break below $1,200.00, gold can extend its fall to $1,195.00 and even $1,185.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00. We recommend fresh selling below $1,199.00 with the rest of targets. The weekly 61.8 fib level is set at $1,198.75 and the 80.0 fib level is placed at $1,1667.00.

On the h4-chart, the prices are closed and trading above hourly moving averages. The prices are expanding lower swings on the hourly chart. Intraweek resistance exists at $1,227.00. Intraday resistance exists at $1,222.00.

Resistance: $1,212.00, $1,217.00, $1,227.00.

Support: $1,199.00, $1190.00, $1,185.00.

Selling below $1,198.00.

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.