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Gold wave analysis for February 17, 2016

Gold is trading above $1,200 supported by the 38% Fibonacci retracement. Can the entire downward move have ended? What must happen to gold to make it rise towards $1,300? My preferred scenario is that gold price has ended a wave 4 at the 38% retracement and has reversed as we expected yesterday. Now it is important for gold to continue its impulsive upward move.

analytics56c42672e2301.jpg

Blue line - support trend line

Gold price started an impulsive move up from $1,190. The decline was corrective. That increased chances that we could see a move above yesterday's highs. Important support is the blue trend line that connects the two recent lows.

analytics56c426d7cb746.jpg

An alternative scenario is marked by blue letters. Important resistance is seen at $1,130-40, so rejection in that area could imply the rise was wave B and wave C should move towards $1,150 near the 61.8% Fibonacci retracement. Another clue that we are heading lower will be the breakout below $1,190. So, we remain bullish as long as we are above $1,190-95.The material has been provided by InstaForex Company - www.instaforex.com