01.02.201609:37 Forex Analysis & Reviews: Technical analysis of Gold for February 01, 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 is trading around the levels of $1,123.30 now and it is likely to face resistance here.The yellow metal is expected to produce an up garter and complete a corrective drop lower before rallying towards fresh highs. Also as seen on the daily chart, the metal is facing resistance around Fibonacci 50% levels of a drop between the levels of $1,192.00 and $1,046. It is hence recommended to initiate 50% short positions now with risk at $1,129.00. Immediate interim resistance is seen at $1,127.00/28.00, while support is seen at $1,108.50. Bears should remain poised to push lower until prices stay below $1,129.00.

Trading recommendations:

Remain short with stop at $1,129.00.

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.