For Traders

Analytical Reviews

Technical analysis

05.02.201614:23 Forex Analysis & Reviews: Technical analysis of Gold for February 05, 2016

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.

Technical outlook and chart setups:

Gold has made yet another high around $1,160.00 today. The metal is facing resistance at the intermediary trend line as depicted on the chart. A bearish reaction here could push the metal lower and also resume a larger down trend. Please also note that Fibonacci 0.786 resistance is also passing through $1,159.00 as seen here. A bearish reaction here could trigger a drop towards at least $1,140.00, which is back-side resistance turned support of one-year trend line. Major resistance is seen at $1,191.00, while immediate support is found at $1,152.00.

Trading recommendations:

Remain flat for now and wait for further confirmations.

Good luck!

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.