empty
 
 
27.02.2015 10:40 AM
Gold technical analysis for February 27, 2015

Gold price reached the resistance of $1,220, as expected, and got rejected. The trend remains bearish and the support level of $1,200 will be put to the test. If the price manages to hold above $1,200, we could see another new upward reversal that could bring the price above $1,235.

This image is no longer relevant

Black line = resistance

Red line = support

Gold price reached the Ichimoku cloud resistance and the level of $1,220 that I mentioned was the target yesterday and got rejected as expected. The trend remains bearish. The price is falling back below the Ichimoku cloud and is now going to test the support at $1,200. Next support is at $1,190. A break of $1,200 will increase the chances of breaking below $1,190 and thus moving towards $1,160-$1,130.

This image is no longer relevant

Red line = support

Gold price on the weekly chart remains bearish. The price bounced towards the kijun-sen at $1,220 but got rejected. It is important to see how this week closes. The price is below the Ichimoku cloud and below the kijun-sen (yellow line). The trend is bearish and I expect to see a move towards the red line support at $1,180. This is important support. If this support is held, we could see a strong bounce towards $1,250-60.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • 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 $6000 more!
    In December we raffle $6000 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
  • 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