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20.02.201710:13 Forex Analysis & Reviews: Technical analysis of gold for February 20, 2017

Long-term review

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Gold remains in bullish trend. There is no indication that a deeper pull back is coming. Short-term support is held and the precious metal is ready for a push higher toward $1,280-$1,320.

Gold price is trading above the Ichimoku cloud in the 4 hour chart. Short-term support is at $1,230. Next support is at $1,216 and next at $1,200. Resistance is at $1,244-45. If broken we have confirmation for a move toward $1,280-$1,320.

Black line -long-term resistance trend line

The weekly chart last week did not manage to close above the weekly kijun-sen resistance (yellow line indicator). I believe this week bulls will be able to break above it. The upside potential for Gold targets $1,280-$1,320. Trend remains bullish. Only after we reach that are should traders expect a bigger pull back.

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