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Back Technical Technical Analysis GOLD - XAU/USD GOLD Intraday Technical analysis 2012-02-22
Wednesday, 22 February 2012 09:26

GOLD Intraday Technical analysis 2012-02-22

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The gold is currently testing the upper limit of its medium term trading range in 1762 and seems to initiate a decline. However a break of these levels would free up significant potential and initiate a bullish trend.

Technical indicators provides sellers signals and approaching the overbuy zone supporting the assumptions of a decline. Bollinger bands are much discarded to a result of the strong increase of these days. Stabilization is expected in the short term.

According to previous events, the market indicates a bullish opportunity as soon as the gold will have broken its resistance in 1762 with a 1st objective of 1772, then 1775. A break in 1759 would invalidate this scenario.

 

Performed by Albert Fitoussi, Analytical expert
InstaForex Companies Group © 2007-2012

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