Technical analysis of gold for February 21, 2017

Gold price remains above critical support and below short-term resistance. On a break above $1,240-45 I expect a minimum target of $1,280 to be achieved if not at $1,320. Trend remains bullish.

Black line – resistance

Blue line – support

Gold continues to trade above the Ichimoku cloud and above the trend line support. Resistance is at $1,240-45. Breaking it will be a bullish short-term signal. Trend remains bullish despite the short-term consolidation. Bulls do not want to see support at $1,225 broken.

Gold price is trading above the Ichimoku cloud on a daily basis. This confirms bullish trend on a daily level. If Gold price manages to break to new short-term highs our target would be an equal leg up at a minimum at $1,280. If the upward move gets extended by 1.618% we should expect $1,320 to be reached.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of gold for February 21, 2017