empty
 
 
20.02.2014 11:24 AM
Gold technical analysis for February 20, 2014

Gold price had reached overbought levels, and in our past analysis we mentioned how crucial it was for the bullish trend to hold above support levels at $1,319. Short-term trend has changed to downward as Gold price was making lower lows and lower highs in the 4-hour time frame as shown in the chart below. Gold price has also broken the upward sloping trend line support and is heading towards the Ichimoku cloud support at $1,290.

This image is no longer relevant

We warned that bulls should be very cautious and we preferred the strategy to take some profits from long positions and raise stops as this downward move is unfolding into a bigger decline that could bring Gold price below $1,300 soon. Bulls will be happy if Gold price manages to break above the downward sloping red trend line resistance as shown in the chart above. As long as this trend line is above current market price, our view will remain bearish or neutral.

This image is no longer relevant

The rejection at the long-term downward sloping trend line is important. This could affect Gold price in a way that will bring it back towards $1,260-70 towards the blue upward sloping trend line support. $1,293-95 is important short-term support as this is the 38% Fibonacci correction level of the rise from $1,237 to $1,331. Breaking below this support will bring the precious metal towards its next important support at $1,286.

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 $1000 más!
    ¡En Junio, sorteamos $1000 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
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 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