GOLD Technical Analysis (16-20 February,2015) | February 14, 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 Pivot, Support and Resistance

Resistance Two (R2): 1259

Resistance One (R1): 1244

Pivot Point: 1230

Support One (S1): 1215

Support Two (S2): 1201