GOLD Technical Analysis (9-13 February,2015) | February 7, 2015

GOLD broke its important support area after NFP news released. 1251-1255 was support area and it broke that area with huge bearish pressure. So it comes to downtrend again. We should wait for retest of that level again and then we can take sell entry. 1250-1255 area will be now potential resistance zone for gold. So it will be good sell zone.


In Technical Indicators view

In daily chart, MACD indicator is still above 0.0 level. So it is showing that gold has still bullish power

In daily chart, RSI indicator is below 50 level which indicates that it is now downtrend.

200 Moving average is showing that this is on downtrend, but 50 and 100 Moving average is giving it bullish bias.

In summary, from the technical indicators, we can find any definite trend. So our recommendation is to stay on downside as it breaks its support area.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 1305

Resistance One (R1): 1269

Pivot Point: 1248

Support One (S1): 1212

Support Two (S2): 1191