Gold prices could rise from 1600$

DAX and IBEX balancing on a rope….
February 17, 2013
Silver daily analysis
February 20, 2013

Gold has been sliding lower within the green channel as depicted in the following chart. We mentioned many times in our live updates in twitter that as long as gold gets rejected at 1685-1700, it would be possible to see 1600$ and why not lower. Prices have followed our expectations and our system signals for lower prices.

gold

Prices are expected to touch the lower channel line and then it is most probable to see a bounce. This overlapping downward slide of prices might be over at this area(1600$). Bullish confirmation will only come if the 1670 and 1700 resistances are broken upwards. Short term traders could take advantage of any upward bounce that could start from this area. This bounce will be signaled above 1618$ with 1635 as the first target. Trend remains downward but our longer term view is bullish as mentioned several times before. Traders with high risk profiles could take advantage of those short-term price swings, where lower risk traders would better wait for the resistances to be broken or a positive reversal signal is given. For more help trading Gold and our automated daily signals, try our PREMIUM SERVICES.

As always, thank you for taking the time to read my new post.

Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.