Gold technical analysis for February 26, 2016

Gold price continues to move sideways in a more complex structure but also holds above the important support of $1,200-$1,210 keeping bulls' hopes alive .

Green line - short-term support

Yellow line - medium-term support

Gold price remains above the Kumo (cloud) and above both two support trend lines. Support is found at $1,230 in the short-term and at $1,210 in the medium-term. Resistance is seen at $1,254. As long as gold price is above $1,200, bulls will stay in the game for a move towards $1,300.

Nothing new is seen in the weekly chart. The price is above the critical support of $1,200. Stochastic is overbought. RSI is trying to enter overbought levels. The price is above the downward sloping wedge and above the weekly Kumo (cloud). Weekly support is at $1,200-$1,210. As long as we are above this level, we can see $1,300.The material has been provided by InstaForex Company - www.instaforex.com