Technical analysis of Gold for February 02, 2016 Market Analysis Review

Technical outlook and chart setups:

Gold was trading around $1,124.00 at the moment of publication after printing lows at $1,123.39 today. The metal can show a significant retracement before pushing higher towards $1,136.00 levels. Gold is likely to drop lower towards the $1,107.00 level which coincides the Fibonacci 0.382 support levels as depicted here. Therefore, it is recommended to remain short with risk at $1,131.50. Immediate support is seen at $1,107.00 while resistance lies at $1,130.00. Importantly, immediate trend line support is passing through $1,115.00, watch out for a bullish bounce there.

Trading recommendations:

Remain short with stop at $1,131.5, target is at $1,107.00.

Good luck!

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