Gold slips through a stormy session - Technical Analysis - 03-02-2016
Gold prices closed the previous session with extreme volatility in the intraday levels, with the ongoing positive pressure of the SMA50, along with an influx of positive signals from relative power indicators and the gold's settlement 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).
Therefore we reaffirm our positive outlook for the precious metal, gaining ground to target the resistance of 1,136.02, which represents the ratio 61.8% of the same retracement levels.
Trend
Bullish