GOLD Technical Analysis (2-6 February,2015) | January 31, 2015

GOLD has rejected from near-term resistance zone. 1251-1255 is acting as good support area for gold. Now it is facing trend line support at 1284 area. If we can find any bearish candle on that level, then we can sell on gold and target will be 1255 area. If break this trend line, then we have to buy and target will be 1300 area.


In Technical Indicators view

In daily chart, MACD indicator is above 0.0 level which is giving buy signal on gold

In daily chart, RSI indicator value is 72 which is also indicating bullish signal on gold.

50 and 100 Moving averages are giving buy signal, 200 Moving average is giving bearish signal.

In summary, we can need to wait for bearish confirmation from the trend line for sell entry, otherwise we have to stay on bullish mode.



Weekly Pivot, Support and Resistance

Resistance Two (R2): 1325

Resistance One (R1): 1304

Pivot Point: 1277

Support One (S1): 1256

Support Two (S2): 1229