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

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.