empty
 
 
11.02.2016 10:29 AM
Gold technical analysis for February 11, 2016

Gold price continues to rally towards highs as it breaks above important medium- and long-term resistance levels. This upward move has the characteristic of a bigger trend reversal as the form of the rise is impulsive.

This image is no longer relevant

The price continues to trade above the tenkan- and kijun-sen indicators. Support is found at $1,197 and next at $1,180. The Ichimoku cloud is at $1,150. The Oscillators are entering overbought levels with some bearish divergence signs as well. This implies that bulls should raise and tighten their stops.

This image is no longer relevant

The weekly chart has broken above the weekly Ichimoku cloud and above the downward sloping wedge. This is an important break out and bulls must hold above the resistance levels, because a fake breakout now will bring a big bearish reversal. So, bulls need to be very cautious.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback