Technical analysis of Gold for February 26, 2015
February 26, 2015 7:40 amVideo
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Technical outlook and chart setups:
Gold had been in a range between $1,205.00/10.00 levels yesterday but is looking to break above $1,210.00 for now. The metal needs to break above $1,225.00 and subsequently $1,237.00 levels to confirm reversal and accelerate higher. Furthermore, please note that the metal has produced a tweezer bottom signal around $1,190.00 levels indicating a potential reversal. Also, $1,190.00 is projected right shoulder of a potential head and shoulder reversal. Hence, it is recommended to remain long, with risk at $1,170.00 levels. Immediate support is seen at $1,190.00 levels, followed by $1,170.00 and lower while resistance is seen at $1,237.00, $1,280.00 and higher respectively.
Trading recommendations:
The material has been provided by InstaForex Company – www.instaforex.com
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