05.02.201505:59 Forex Analysis & Reviews: Technical Analysis of Gold for February 05, 2015

The metal took support from $1,255.00 and managed to close above 20Dsma. Today, at the early Asian session, the metal is trading in an upwards bias. The prices have been making lower highs formation. It has been moving in a symmetric triangle. The height of the triangle is $55.00. The 61.8 fib level $1,286 is acting as a key level to watch. Bulls can challenge $1,297.00, $1,303.00, and $1,307.00 if the prices close above 1286. On the down side, $1,249.50 is acting as a strong support level. We recommend strong selling only below it with the targets at $1,239.00 and $1,220.00. Ahead of the Chinese Lunar New year on February 19th, we can expect Chinese consumers will acquire gold. The focus has shifted to today's US unemployment data. After the US non-farm payroll had turned out to be below expectations, the metal climbed from lower levels.

Resistance: $1,286.00, $1,297.50, $1,303.00.

Support: $1,255.00, $1,249.50, $1,239.00.

Buying above $1286.00.

Selling below $1,266.00.