Gold Weekly Analysis
February 15, 2016
Weekly Chart:
Price is likely still in a bearish trend for the overall big picture, with recent weaken of US Dollar, the gold price manage to rally and break the inner trendline. However upon reaching the weekly resistance, as well as the Outer trendline, price hold, now we have 2 significant confluence which will be a reacting factor on directional bias of gold price. (*Pay attention to this key level.)
Breaking above Weekly TL & Weekly Res, potentially price could reach 1311.50; whilst on the other side, if price bounce-off, then we could see price back to the monthly support at 1179.50 & further down at 1047.50. I personally be more prefer to the downside scenario, but we do needed a significant price action setup to support our bias.
