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2/22/2016 2:55:31 AM

Gold searches for a bottom to buoy it - Technical Analysis - 22-02-2016



Gold prices fell in the intraday levels as they try to correct the main upward trend in the medium and short terms, with gold moving along the upside trend line as shown in the attached chart, searching for a bottom to bounce off it higher. Gold approached in its last decline the downward trend line, while also leaning on the SMA50, and coming close to the pivotal support of 1,211.30, while relative power indicators have reached extremely oversold levels compared to the prices' upward movements, adding to the positive pressures.

Therefore we expect gold to head back higher, as long as the support of 1,211.30 hods on, targeting the pivotal resistance of 1,248.55, at which it recorded its last short-term high.


Target
Risk


Support
Resistance


Trend Bullish

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