19.02.201509:34 Forex Analysis & Reviews: Technical analysis of Gold for February 19, 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.

Technical outlook and chart setups:

Gold has bounced off from $1,197.00/98.00 levels as expected. The metal has taken support of a confluence of convergences as depicted here. To start with, the metal has taken support of the rising trend line passing through at $1,197.00 levels. Furthermore, the fibonacci convergences 0.618 and 0.786 of the previous rallies from $1,130.00 and $1,170.00 levels are seen to be meeting at $1,197.85 levels, as shown here. Looking into the above facts and a sharp bounce of the metal as follow through, it is highly recommended to remain long and add further at current levels at $1,214.00. Immediate support is seen at $1,170.00, followed by $1,130.00 while resistance is seen at $1,240.00/45.00 (interim), followed by $1,340.00 and higher respectively. Bulls seem to have taken back control now.

Trading recommendations:

Remain long, stop at $1,170.00, targets are $1,375.00 and $1,412.00.

Good luck!

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.