Technical analysis for Gold for February 11, 2019

Technical analysis for Gold for February 11, 2019

Gold price so far shows signs of weakness and signs that an important top is in at $1,326. Last time we warned for a pull back price fell from $1,326 to $1,302. There are still chances we see another test of $1,300 soon, specially as long as price is trading below $1,316.

Yellow rectangle – support area

Purple lines – bullish channel Gold price remains in a bullish trend but with reversal signs as we warned after reaching our $1,320 target. Price could test the yellow rectangle area once again. Resistance is at $1,316 and support around $1,300. Breaking below it will push price towards the lower channel boundary support at $1,280-75 area. Breaking below this area will increase the chances that a major top is in. Holding above $1,280 keeps the bullish scenario of $1,350 alive. 

About the Author

Leave a Reply