Gold Technical Analysis – February 15th 2013
- Gold dropped to a six-week low point today with the dollar finding broad based strength on renewed concerns around the euro zone area. The daily range for gold came in at 112% of the average over 60 days (ADR).
- The XAUUSD has previously found resistance at the Fibonacci confluence area with 38.2% and 50% retrace levels coinciding, this technical point of interest held price on the last attempt to rally higher around the $1690 area.
- Our last update highlighted a triangle consolidation pattern which had formed on the 4 hour chart. Price has now seen a breakout of this area and a move as low as 1631.72 so far during the NY session today on the 14th February.
- The XAUUSD pair is once again trading near a level ($1630) with the FE100 measured move extension, 61.8% Fib retrace and previous range resistance highs aligned.
- The price of gold gained 7.1% in 2012. However, we note that a recent report from the WGC (World Gold Council) has hit market sentiment as it revealed that gold demand dropped for the first time since 2009.
- You can see our gold technical analysis updates here.
XAUUSD forecast, Gold news, Gold technical analysis 15/2/13