Technical analysis for Gold for February 21, 2019

Posted On 21 Feb 2019

Tag: Gold

Gold price is showing reversal signs. Yesterday I mentioned that it is time for bulls to take profits and turn neutral or even bearish. Gold will at least make a pullback towards $1,330 if not lower. Major trend support has climbed from $1,280 to $1,300.

Purple lines – bullish channel

Yellow rectangle -support

Black rectangle – short-term support

Gold price remains inside the bullish channel and so medium-term trend remains bullish. However price has reached the resistance area of the upper channel boundary and as explained yesterday, I expect a pullback from current levels and prefer to be at least neutral if not bearish. A back test of the $1,330-26 area that was once resistance could be seen soon. Trend will only change on a break below $1,300. Until then bulls remain in control of the trend.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis for Gold for February 21, 2019

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support