Main Quotes Calendar Forum
flag

FX.co ★ Technical analysis of Gold for February 20, 2014.

parent
Forex Analysis:::2014-02-20T01:25:08

Technical analysis of Gold for February 20, 2014.

Technical analysis of Gold for February 20, 2014.

Technical outlook and chart setups:

1. Gold has moved further low, towards $1,310.00 levels. It is possible that the corrective phase has resumed in the metal and it should reach at least the $1,270.00 region soon. Please note that $1,270.00 region is the convergence point of trendline, fibonacci and past resistance turned support as well. Recommendations are to remain short for now, risk remains at $1,335.00.

2. Immediate resistance is at $1,332.00/33.00, while supports are spread through $1,270.00 (fibonacci and past resistance turned support), followed by $1,230/20 and lower respectively.

3. The structure indicates that a final rally towards $1229.00/30.00 is possible before the metal gives in to bears. Fresh short positions can be initiated during the final test and reversal.

Trading recommendations:

Remain short, stop is at $1,335.00, target is at a low of $1,270.00 minimum.

Good luck!

Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...