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Gold technical analysis for February 29, 2016

Gold price made a strong pull back last week towards important medium-term support at $1,200-$1,210 and held above it. Now price is bouncing higher and there is a big chance that we see a strong upward move as long as we hold above $1,210.

analytics56d3f76e45c5d.jpg

Black line - resistance

Yellow line - support

Gold price has back tested Kumo (cloud) and trend line support. Price held above it and is now bouncing towards short-term resistance at $1,232. The current price formation could be a bigger triangle pattern and as long as we are above $1,210 we remain bullish short-term.

analytics56d3f7c93fd60.jpg

On the weekly chart price remains above the cloud and continues to hold above the critical support of $1,200. Oscillators are overbought but Gold price could still have more upside. The downside could come after we see some bearish divergence signals. We are still without any divergence signal.

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