19 Feb 2015
Gold might see a recovery rally towards $1380-$1400 – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, share the technical outlook for Gold, expecting the current weakness to complete around $1200-$1195, and reverse to the upside towards $1380-$1400.
Key Quotes
“My near-term pattern work indicates that in and around $1200-$1195, spot Gold should complete its Jan-Feb decline, and reverse to the upside into a secondary recovery rally towards $1380-$1400.”
“A sustained climb above $1212 is needed for my near-term work to trigger initial signals that the decline is over, and the anticipated upleg is beginning.”
“Only a failure to hold in and around $1200-$1195 followed by downside continuation that breaks the Jan 15 low at $1167.40 will invalidate my near-term outlook, and will point spot GOLD towards a retest of its multi-year Nov, 2014, low at $1131.85.”
Key Quotes
“My near-term pattern work indicates that in and around $1200-$1195, spot Gold should complete its Jan-Feb decline, and reverse to the upside into a secondary recovery rally towards $1380-$1400.”
“A sustained climb above $1212 is needed for my near-term work to trigger initial signals that the decline is over, and the anticipated upleg is beginning.”
“Only a failure to hold in and around $1200-$1195 followed by downside continuation that breaks the Jan 15 low at $1167.40 will invalidate my near-term outlook, and will point spot GOLD towards a retest of its multi-year Nov, 2014, low at $1131.85.”