Gold keeps rising steadily - Technical Analysis - 02-02-2016
Gold prices rose in the intraday levels, with the trading settled above the pivotal support of 1,118.88, which represents the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 1,191.51 to 1,046.25), with positive support from the SMA50, while noting a venting-off of overbought saturation that was apparent in relative power indicators, which points to more buoyancy ahead.
Therefore we reaffirm our positive outlook for the shiny metal in the coming trading, targeting the resistance of 1,136.02, which represents the ratio 61.8% of the same retracement levels mentioned earlier.
Trend
Bullish