For Traders

Analytical Reviews

Technical analysis

22.02.201710:05 Forex Analysis & Reviews: Technical analysis of gold for February 22, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Gold price made a pullback towards $1,226 yesterday where short-term support is found and bounced strongly. Trend remains bullish and we continue to expect $1,280-$1,320 area to be reached over the next few weeks.

Black line - resistance

Blue line - support

Gold tested the Ichimoku cloud in the 4-hour chart above and the blue upward sloping trendline support. The price retraced 61.8% of the recent rise and bounced strongly back above $1,230. Resistance is at $1,240-45. Breaking it will open the way for $1,280-$1,320.

In the daily chart Gold remains above the Ichimoku cloud. Our target of an equal legup from its recent up move sees $1,280. An extension of 161.8% sees $1,320. Gold remains in a bullish trend. $1,200-$1,220 area is an important support.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.