Technical analysis of EUR/USD for February 25, 2015 Market Analysis Review

When the European market opens, no economic news will released. However, the US will publish the Crude Oil Inventories and New Home Sales. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1402.

Strong Resistance:1.1396.

Original Resistance: 1.1385.

Inner Sell Area: 1.1374.

Target Inner Area: 1.1347.

Inner Buy Area: 1.1320.

Original Support: 1.1309.

Strong Support: 1.1298.

Breakout SELL Level: 1.1291.





Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for February 25, 2015 Market Analysis Review

In Asia, Japan will not release any economic data. However, the US will release Crude Oil Inventories and New Home Sales. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.36.

Resistance. 2: 119.13.

Resistance. 1: 118.90.

Support. 1: 118.82.

Support. 2: 118.39.

Support. 3: 118.15.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com



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Technical analysis of USD/JPY for February 25, 2015 Market Analysis Review

In Asia, Japan will not release any economic data. However, the US will publish Crude Oil Inventories and New Home Sales. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.36.

Resistance. 2: 119.13.

Resistance. 1: 118.90.

Support. 1: 118.82.

Support. 2: 118.39.

Support. 3: 118.15.





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Daily analysis of USDX for February 25, 2015 Market Analysis Review

On the daily chart, we are still watching consolidation moves in the general bullish bias, as the USDX is trying to reach higher levels, because during the last days, this instrument moved sideways. By the way, in the price action, we do not see intentions of the bearish force to take the current ride of the USDX, as we're still bullish on the US Dollar.

During the session on Tuesday, the USDX performed a strong pullback at the resistance level of 94.87, where a few days ago it was rejected too. Anyway, we're watching that the instrument is trying to reach the 200 SMA on the H1 chart, where it is likely to perform a rebound, as this moving average could act as dynamic support in the near term.

Daily chart's resistance levels: 95.45 / 96.96

Dailychart's support levels: 94.18 / 93.02

H1 chart's resistance levels: 94.87 / 95.07

H1 chart's support levels: 94.38 / 94.02

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 94.87, take profit is at 95.07, and stop loss is at 94.65.

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Daily analysis of GBP/USD for February 25, 2015 Market Analysis Review

Tuesday was a relatively slow session for the GBP/USD pair, at least as we can see on the daily chart, because the pair is still trying to break the resistance level of 1.5491. Now, it's just advisable to wait for a solid bullish pattern formation. Below that resistance zone, it's possible more corrective moves in favor of the current upward bias.

On the H1 chart, the GBP/USD pair moved during yesterday sideways, as the pair is trying to win positions above the resistance level of 1.5455 in order to reach the zone of 1.5516. At the moment, there are fractals formed on the bullish side. That's why we recommend caution when you think to place buy orders at current levels.

Daily chart's resistance levels: 1.5491 / 1.5761

Dailychart's support levels: 1.5247 / 1.5025

H1 chart's resistance levels: 1.5455 / 1.5516

H1 chart's support levels: 1.5413 / 1.5378

Trading recommendations for today: Based on the H1 chart, place long (buy) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5455, take profit is at 1.5516, and stop loss is at 1.5394.

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Technical analysis of USD/JPY for February 24, 2015 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is undermined by selling the yen crosses amid diminished risk appetite (VIX fear gauge rose 1.82% to 14.56, S&P 500 closed 0.03% lower at 2,109.66, DJIA off 0.13% at 18,116.84 overnight) as oil prices extend Friday's losses. The pair is also influenced by the U.S. existing home sales fell 4.9% on-month to 4.82 million in January (versus forecast -1.2% to 4.98 million), while caution prevails ahead of Fed Chairwoman Janet Yellen's presentation of Monetary Policy Report to the U.S. Senate Banking Committee at 15:00 GMT. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 2.059% versus 2.133% late Friday) and the Japanese exports. But USD/JPY losses are tempered by the demand from Japan's importers and the ultra-loose Bank of Japan's monetary policy and broadly firmer dollar undertone (ICE spot dollar index last 94.55 versus 94.30 early Monday), despite weak U.S. existing home sales and a drop in Dallas Fed manufacturing index to -11.2 in February from -4.4 in January (versus forecast -5.5).

Technical comment:
The daily chart is mixed as the MACD is bullish, but stochastics is neutral.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 119.90 and the second target at 120.35. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 118.75. A break of this target would push the pair further downwards, and one may expect the second target at 118.25. The pivot point is at 119.

Resistance levels:

119.90

120.35

120.75

Support levels:

118.75

118.25

117.95

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Technical analysis of USD/CHF for February 24, 2015 Market Analysis Review

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is supported by the franc sales on cross trades versus major currencies and broadly firmer dollar undertone (ICE spot dollar index last 94.55 versus 94.30 early Monday) despite the weak U.S. existing home sales and a drop in Dallas Fed manufacturing index to -11.2 in February from -4.4 in January (versus forecast -5.5), the negative Swiss interest rates and the threat of the Swiss National Bank CHF-selling intervention.

Technical comment:
The daily chart is mixed as the MACD is bullish, five and 15-day moving averages are advancing but stochastics is bearish at overbought levels.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9535 and the second target at 0.9580. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9405. A break of this target would push the pair further downwards, and one may expect the second target at 0.9365. The pivot point is at 0.9440.

Resistance levels:
0.9535

0.9580

0.9625

Support levels:

0.9405

0.9365

0.9325

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Technical analysis of NZD/USD for February 24, 2015 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by the broadly firmer dollar undertone, the kiwi sales on the soft NZD/JPY cross amid subdued investor risk appetite and weak commodity prices. But the NZD/USD downside is limited by the kiwi demand on the soft AUD/NZD cross and NZD-USD interest differential (10-year gap last at 131 basis points).

Technical comment:

The daily chart is mixed as the MACD is bullish, but stochastics is bearish at overbought levels.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below the pivot point. Short positions are recommended with the first target at 0.7415. A break of this target will move the pair further downward to 0.7390. The pivot point stands at 0.7485. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, a long position is recommended with the first target at 0.7505 and the second target at 0.7535.

Resistance levels:

0.7505

0.7535

0.7575



Support levels:

0.7415

0.7390

0.7345

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Technical analysis of GBP/JPY for Feburary 24, 2015 Market Analysis Review

Fundamental overview:
GBP/JPY is expected to trade in a higher range. It is undermined by the weaker euro sentiment after disappointing Germany Ifo business climate data for February, flows to the safe haven yen amid diminished risk appetite and Japan's exports. But the GBP/JPY losses are tempered by demand from the Japanese importers.

Technical comment:
The daily chart is mixed as theMACD is bullish, but stochastics is in bearish mode, five-day moving average is meandering sideways above ascending 15-day moving average.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 185.25 and the second target at 185.65. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 182.90. A break of this target would push the pair further downwards, and one may expect the second target at 182.50. The pivot point is at 183.50.

Resistance levels:

185.25

185.65

186.15

Support levels:

182.90

182.50

182

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GBP/USD intraday technical levels and trading recommendations for February 24, 2015 Market Analysis Review

Overview:

The daily closure below the recent bottoms located around 1.5540-1.5560 rendered the previous consolidation range as a bearish flag pattern with the projection target at 1.5300.

The market has already pushed further below reaching down to 1.5030-1.4980 where the lower limit of the channel provided support for the pair few weeks ago.

The H4 chart showed a transition phase into a sideway movement that has been maintained within the depicted price range.

On February 5, initial bullish breakout above 1.5220 took place. Shortly after, a new DAILY support was established around 1.5170-1.5200 (an ascending bottom, a sign of ongoing bullish momentum).

Since then, the GBP/USD pair has been trending upwards within the depicted H4 channel. Persistence of the pair above the recent DAILY support (the price zone of 1.5170-1.5200) applied extensive bullish pressure over the price level of 1.5360 (61.8% Fibonacci level on the H4 chart) which did not provide enough RESISTANCE.

The long-term projection target for the recent bullish breakout above 1.5220 is located around 1.5500-1.5550 where the previous DAILY bottoms are located (DAILY RESISTANCE).

On the other hand, note that any fixation below 1.5330-1.5300 (level of multiple bottoms) invalidates the previously mentioned bullish scenario exposing lower targets around 1.5180 for retesting.

Trading recommendations:

As long as bulls keep defending the recent SUPPORT around 1.5350, they should keep targeting at 1.5460 and 1.5580.

For traders who missed the initial breakout a valid buy entry can be taken at retesting of 1.5260 with SL located below the recent bottom around 1.5200.

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Intraday technical levels and trading recommendations for GBP/USD for February 24, 2015 Market Analysis Review

The previous consolidation movement extended between the price levels of 1.5600 and 1.5770. It represented a period of indecision on the market after such a long bearish rally that started off 1.7100 and 1.6500.

Bearish breakout below 1.5550 directly exposed lower targets. Bears have already pushed towards the price levels of 1.5050 and 1.4960, which have not been visited since July 2013.

Around the price levels of 1.5050 and 1.4960 the market has established another consolidation zone, which extended up to the price levels of 1.5280.

Two weeks ago, the ongoing bearish trend was invalidated when bullish breakout above 1.5200 took place.

Estimated projection targets are located around 1.5600-1.5640 where the previous consolidation zone was located.

By the end of the last week, the GBP/USD pair has consolidated above the price zone of 1.5360 (61.8% Fibonacci level), which failed to provide enough RESISTANCE over the last bullish swing.

For the current bullish breakout to happen, bulls should keep defending the price zone of 1.5300-1.5330.

Estimated projection targets for the recent bullish breakout are roughly located around 1.5600-1.5640 where the upper limit of the depicted channel is located.

Conservative traders can wait for a low-risk SELL entry at retesting of 1.5600 (upper limit of the channel mentioned above). Stop Loss should be located above 1.5650.

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Intraday technical levels and trading recommendations for EUR/USD for February 24, 2015 Market Analysis Review

The market has been pushing lower aggressively after breaking below the major DEMAND LEVELS around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

The EUR/USD pair has lost almost 800 pips since the beginning of 2015. Moreover, theoretical long-term bearish targets would be located near 0.9450, especially after the FULL bearish MONTHLY below 1.2000 (January's monthly candlestick).

Bearish breakout below 1.2000 and 1.1900 (prominent psychological SUPPORT) allowed a quick bearish decline towards 1.1100 to take place few days later.

Conservative traders were suggested to wait for a bullish pullback looking for better prices to SELL the EUR/USD pair off (R1 at 1.1550 and R2 at 1.1700). However, the EUR/USD bulls are not showing enough bullish momentum.

Instead, a bearish Flag pattern is being established on the daily chart. DAILY fixation below the price level of 1.1260 (recent bottom) confirms this bearish pattern.

Conservative traders can wait for a low-risk SELL entry at retesting of the price zone 1.1570-1.1590.

The price zone of 1.1470-1.1490 is a recently established SUPPLY zone on the H4 chart (the upper limit of a newly-established consolidation zone).

Short-term SELL positions can be taken there. Stop loss should be placed slightly above the price level of 1.1530 (recent high).

On the other hand, risky traders can wait for DAILY closure below 1.1260 (recent DEMAND level). This will probably indicate a bearish visit towards the WEEKLY low around 1.1110.

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Intraday technical levels and trading recommendations for NZD/USD for February 24, 2015 Market Analysis Review

Few months ago, the NZD/USD pair established a consolidation zone that extended between the price levels of 1.7620 and 1.7870.

On January 20, bears managed to execute a successful breakout below the major DEMAND level at 1.7620.

Recently, the NZD/USD pair managed to break above 0.7430. This price level is expected to provide significant SUPPORT for the pair at retesting.

The H4 chart showed an inverted Head and Shoulders pattern that originated off the price level of 0.7200 (the most recent low). Bullish fixation above the neck-line confirmed the reversal pattern earlier this week.

Estimated bullish projection target for the reversal pattern is located around the price level of 0.7676.

On the other hand, the price level of 0.7630 corresponds to the 61.8% Fibonacci Level as well as the lower limit of the broken consolidation zone depicted on the chart. Hence, price zone of 0.7630-0.7670 should be watched for price action as low-risk SELL entries can be taken at retesting. Stop Loss should be placed above 0.7700.

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Gold analysis for February 24, 2015 Market Analysis Review

Overview :

Since our last analysis gold has been trading sideways around the price of 1,200.00. The price has tested the level of 1,190.63 in an ultra high volume (selling climax) and after that we saw reaction from buyers. We are still waiting for larger activity on the market. Our Fibonacci retracement 61.8% at the price of 1,200.00 is critical for gold and it seems that price cannnot break that area. My advice is to watch for potential buying opportunities.We got resistance level around the price of 1,235.00.

Daily Fibonacci pivot points:

Resistance levels :

R1: 1,208.13

R2: 1,212.74

R3: 1,220.27

Support levels :

S1: 1,193.07

S2: 1,188.44

S3: 1,180.87

Trading recommendations: Watch for potential buying opportunities after retracement (buy on the dips).

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EUR/NZD analysis for February 24, 2015 Market Analysis Review

Overview:

In our last analysis EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.5210 in a high volume. Our Fibonacci retracement 61.8% at the price of 1.5020 has been held successful, what caused price to start with upward movement. The resistance level is at the price of 1.5200 (currently on the test), but if the price breaks the level of 1.5200 in a high volume and strong price action, we may see a potential testing the level of 1.5470. I have also placed Fibonacci expansion to find potential resistnace levels and have got Fibonacci expansion 61.8% at the price of 1.5575. My advice is to watch for potential buying opportunities on the lows.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5127

R2: 1.5158

R3: 1.5207

Support levels:

S1: 1.5029

S2: 1.4998

S3: 1.4949

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after retracement (buy on the dips).

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Technical analysis of AUD/USD for February 24, 2015 Market Analysis Review

Overview :

• A confounding rise from the level of 0.7704 has extended further to as high as 0.7756 today. Moreover, it might be noticed that the price has placed above 00% of Fibonacci retracement levels and created a strong support at this spot (between the levels of 0.7650 and 0.7720). Thus, the market will form the first support at the price of 0.7720. Futhermore, this strong level has been still moving between 0.7720 and 0.7840 on the H4 chart. The level of 0.7840 is going to act as a new project in coming hours. Therefore, it is likely that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity at the level of 0.7723 with the first target of 0.7783 and continues towards 0.7840.


• Regardless of how, bulls were forced to pull back below the level of 0.7881, so this level will form a strong resistance in order to indicate a bearish opportunity below it. Accordingly, it will be a good sign to sell below the level of 0.7881 (38.2% of Fibonacci retracement level at the chart) with a target at 0.7786 and it might resume to 0.7780 (good place to take profit will be at 23.8% of Fibonacci).


• Please, check the market volatility before investing, because the price may have already been reached and scenarios might have become invalidated.

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Technical analysis of EUR/JPY for February 24, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is poised to push through the levels of 137.50/138.00 after bouncing back from the levels of 134.00 on Friday. The pair is again trading around the levels of 135.20/30 at the moment and it is expected to rally higher. It is hence recommended to remain long with risk at 132.50 for now. Immediate support is seen at 134.00 followed by 132.30/50, 130.00 and lower, while resistance is seen at 137.50/60 followed by 138.00, 142.30 and higher, respectively. Bulls should remain in control until prices stay above the levels of 134.00.

Trading recommendations:

Remain long. Stop is at 132.50, target is 137.50/138.00.

Good luck!

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Technical analysis of NZD/USD for February 24, 2015 Market Analysis Review

Overview :

• According to previous events, the NZD/USD pair is still moving between the levels of 0.7530 and 0.8433. So, a strong resistance level will be formed at the level of 0.7533 (this level coincides with the ratio of 50% Fibonacci retracement levels on the H4 chart) providing a clear signal for sell deals with the target seen at 0.7440 and 0.7403 in order to test the double bottom at the same time frame. However, stop-loss is to be placed above the double top at the level of 0.7566. On the other hand, a strong support level will be formed at the level of 0.7345 (this level coincides with the ratio of 23.6% Fibonacci retracement levels) providing a clear signal for buy deals with the target seen at the levels of 0.7455 and 0.7530 in order to test the daily pivot point and weekly resistance 1, respectively. Also, it should be noted if the trend breaks the daily pivot point (0.7455), it will continue towards the weekly resistance 1 at the price of 0.7530, which represents the strong resistance. Anyway, the stop loss should never exceed your maximum exposure amounts. Hence, it is to be placed below the double bottom at the price of 0.7314.

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Technical analysis of GBP/CHF for February 24, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped to the levels of 1.4400 on Friday as it was expected,but rallied back higher into the 1.4700 handle again yesterday. The pair remained shy of stops placed at the levels of 1.4730 and is seen to be trading at the levels of 1.4660/70 for now. GBP/CHF needs to break below 1.4400 to confirm that a top is in place and produce a deeper correction. It is recommended to hold short positions with risk at the levels of 1.4730. On the flip side, a push above 1.4720 would be further bullish and would test 1.5150. Immediate support is seen at the levels of 1.4400/10, while resistance is seen at 1.5150, respectively.

Trading recommendations:

Remain short, stop at 1.4730, target is open.

Good luck!

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#USDX technical analysis for February 24, 2015 Market Analysis Review

The dollar index is close to breaking upwards and is exiting the triangle pattern. The longer-term trend remains bullish and my longer-term target remains at 100. I believe that breaking above 95 will be a good sign for bulls and the end of the consolidation period and the start of a new upward move.

Green line = resistance

Blue line = support

The dollar index is still inside the big trading range but in the short-term we see signs of breaking above the Ichimoku cloud and making higher highs and higher lows in a sequence. Support is at 94.40 and resistance at 95.

Black lines = triangle pattern

On a daily chart we observe the dollar index testing the upper triangle boundaries at 95. The price is above the tenkan-sen and kijun-sen ichimoku indicators. The price is also above the cloud support and a break above the triangle will be a bullish signal with a possible target of 97 for the short-term. My longer-term target remains at 100-101 where the monthly 61.8% retracement of the decline from 121 to 70 is found.

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Gold technical analysis for February 24, 2015 Market Analysis Review

Gold price remains in bearish trend and is approaching an important longer-term support at $1,180. The weekly rejection at $1,300 puts bears in control of the trend and increase the chances of seeing gold price at new lows below $1,130 as long as we trade below $1,300.

Gold price remains below the Ichimoku cloud on the 4 hour chart and also below the Ichimoku indicators of tenkan and kijun-sen. Short-term resistance is found at $1,209 and short-term support at $1,188. The trend is bearish and I still prefer selling every bounce as long as we trade below the cloud resistance.

Red line = support

The weekly chart has given 2 signs of weakness and the price is now getting close to the important trend line support at $1,180. The bearish trend is strong and I expect this trend line to be broken. If this trend line is not broken, we could see a bounce towards the kijun-sen (yellow line) towards $1,220. On a weekly basis, this is a bearish chart and I expect the price to make new lows.

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Technical analysis of Silver for February 24, 2015. Market Analysis Review

Technical outlook and chart setups:

Silver bounced back from $16.05/10 yesterday and rallied through the levels of $16.60. The metal is trading at the levels of $16.30 for now, it is likely to push higher towards $16.80. Please, note that the metal has taken support at the Fibonacci 0.786 levels of the rally between $15.50 and $18.50, producing an engulfing bullish candlestick pattern. High probability remains that the metal has found bottom at the levels of $16.05 and is expected to resume its uptrend. Immediate support is seen at the levels of $15.50, while resistance is seen at the levels of $16.80 followed by $17.40/50 and higher, respectively. It is highly recommended to remain long, with risk below $15.50.

Trading recommendations:

Remain long for now, stop at $15.50, target is open.

Good luck!

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Technical analysis of USD/CAD for Febuary 24, 2015 Market Analysis Review

General overview for 24/02/2015 09:20 CET

As for the yesterday's analysis, the market broke the golden trend line, then tested the intraday support and now it looks like it is heading for testing of the supply zone between the levels of 1.2658 - 1.2694. Any breakout higher above the level of 1.2694 is bullish and the idea of a complex corrective structure labeled as WXYXX will be invalidated and the alternate scenario would be in play then.

Support/Resistance:

1.2699 - WR2

1.2658 - 1.2694 - Supply Zone

1.2631 - WR1

1.2548 - Dynamic Golden Trend Line Resistance

1.2545 - Intraday Support

1.2496 - Weekly Pivot

Trading recommendations:

Buy orders advised yesterday should be still kept open, with SL below the level of 1.2545 and TP at the level of 1.2631 - 1.2658.

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Technical analysis of EUR/JPY for Febuary 24, 2015 Market Analysis Review

General overview for 24/02/2015 09:05 CET

The pair is still trading inside the range zone between the levels of 133.55 - 135.88 and it looks like the wave b purple might have been completed. This means the market should try to break out above the intraday resistance at the level of 135.88 in impulsive fashion and head towards the projected target zone (orange rectangle). Only a sustained breakout below the intraday support at the level of 133.55 would invalidate this view.

Support/Resistance:

137.25 - 137.64 - Projected Target Zone

136.90 - WR1

135.88 - Intraday Resistance

135.21 - Weekly Pivot

134.43 - Intraday Support

134.21 - WS1

133.55 - Intraday Support

Trading recommendations:

The yesterday's advise is still valid: daytraders should consider opening buy orders only when the level of 135.88 is violated with relatively tight SL (20-30 pips) and TP at the level of 137.25 - 137.64. Please, notice that the wave b purple might get more complex and time consuming, so it is safer to wait for an impulsive breakout above the level of 135.88 to trade it.

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Technical analysis of Gold for February 24, 2015. Market Analysis Review

Technical outlook and chart setups:

Gold had dipped lower into the levels of $1,190.00 (this would still be considered as a test of the previous lows) yesterday before bouncing back sharply. The metal has produced an engulfing bullish candlestick pattern as seen on the H4 chart view here. Please, note that the structural uptrend remains intact until prices stay above the levels of $1,170.00. Also, a break above $1,225.00 would confirm that the metal has bottomed out and resumed the uptrend. Immediate resistance is seen at the levels of $1,223.00 followed by $1,235.00, $1,245.00 and higher, while support is seen at the levels of $1,170.00 followed by $1,030.00 and lower, respectively.

Trading recommendations:

Remain long and add further now, stop at $1,170.00, target is open.

Good luck!

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Technical analysis and trading recommendations on Gold for February 24, 2015 Market Analysis Review

The yellow metal is hovering at a seven-week low at $1,200.00. Today, Greece has to submit a list of reforms to the Euro group. Gold is likely to remain under pressure. On Tuesday and Wednesday, the Federal Reserve Chair Yellen's speech is due. Investors focus is shifted to the Fed stance about the interest rate hike. Everyone is waiting for a hint, when the benchmark interest rates will be raised. Any hints of the optimism will push the metal prices to lower levels. At yesterday's session, the metal fell to $1,190.50, but managed to close above $1,200.00. The metal fell below $1,200.00 thrice and managed to close above it. It's a good sign. In India RBI lifted a ban on gold imports. Nominated banks get permission to import gold on a consignment basis. We expect the imports for February to increase by 40 odd tonnes. On a weekly closing basis, bulls must close above $1,217.00. The intraday support exists at $1,198.00. The weekly resistance is set between $1,217.00 and $1,223.00. Intraday resistance is at $1,211.00. We recommend fresh selling below $1,197.00 with the targets at $1,190.00, $1,185.00, and $1,180.00. A daily close below $1,185.00 leads to $1,170.00, $1,167.00, and $1,150.00.

Resistance: $1,205.00, $1,210.00, $1,217.00

Support: $1,197.00 $1,190.00, $1,185.00.

Selling below $1,197.00.

Buying above $1,205.00.

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