empty
 
 
18.02.2014 11:16 AM
Gold technical analysis for February 18, 2014

Gold price finally reached our long-term downward sloping trend line as shown in the chart below and reversed. In our previous analysis we mentioned that there was increased chances of a pull back since Gold price has reached an overbought level and our target price. Gold price after reaching $1,332.50 has reversed and is now a lower than $1,320 testing the short-term support area we noted yesterday.

This image is no longer relevant

Gold price is heading towards the $1,315 support and if broken we could see the price move towards the lower channel boundaries. Breaking below the upward sloping trend line could start a decline towards the Ichimoku cloud support at $1,280.

This image is no longer relevant

The reversal on the daily chart is evident. The reversal came right on our long-term downward sloping red trend line. This confirms the top and increases the chances of seeing a pull back. We noted several times before in our analysis that bulls should start taking profits and raise their stops as the probability of a pull back has increased. Support is now found at $1,315 and if broken we will test $1,300. Our view is neutral to bearish as we think we have see a short-term top in Gold price.

Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $6000 más!
    ¡En Diciembre, sorteamos $6000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback