23.02.201209:33 Forex Analysis & Reviews: GBP/USD Intraday Technical Analysis and Trading Recommendations for February 23, 2012

Long-term review

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Technical outlook and chart setups:

Gold continues to trade in a range, as discussed earlier. The support region is around $1,200.00/06.00 while resistance is around $1,230.00/40.00 respectively. The metal needs to break out of the current range to decide further direction for now. Higher probability is to break on the north side and push towards at least $1,260.00/70.00 levels before reversing. On the flip side a break of $1,200.00 would prove extremely bearish and the metal could fall towards $1030.00/50.00 levels before turning higher again. It is recommended to remain flat for now and await for a break out of the trading range.

Trading recommendations:

Remain flat for now.

Good luck!

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