GOLD Weekly Technical Analysis

( Duration 16 to 20 February 2015)

Gold has formed bearish bat pattern on H4 time frame. This pattern gives bearish signal. Entry point for this pattern is at 78.6% fibo level. So in Gold 1239 area will be entry for it. Target will be 1223 area. 

1245-1250 area is very good resistance for Gold. So it will be good selling zone for it. We can see bearish rejection candle on 1232 minor resistance level, so it gives selling pressure. If Gold sustain this resistance, then we can see more down fall on it. For long term, we can target 1180 support area.

Weekly Trading Levels
Strong Sell  : 1260
Normal Sell : 1245
Take Profit   : 1230
Normal Buy : 1215
Strong Buy  : 1200