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Gold Technical Analysis – Week Of February 4th 2013

Gold Technical Analysis – Week Of February 4th 2013

Gold Technical Analysis Update – Week Of February 4th – 8th – 2013

  • The XAUUSD chart below shows how the price of gold has oscillated between the 1657 – 1683 levels over the past three trading sessions.  
  • Price ended the week with a daily range which was 145% of the average over 60 days, after the NFP report brought an element of volatility, but the weekly range contracted to just 73% of the AWR.
  • It may take a fresh risk sentiment related driver to break out of this mid-term 1625 – 1700 zone.  The S&P 500, often seen as a barometer for risk, has has had the best start to the year since 1997, rallying over 5% in January.
  • We note a double swing high pattern has formed just under 1700 – a break above this level would also require a breakout of the descending channel.  The failure to break above 1700 may be a contributing factor to this current consolidation phase.
  • The  1625 – 35 zone prior support area has technical confluence of an FE100, 61.8% Fibonacci retrace and previous range resistance highs which subsequently gave support on the 4/1/13.  This is a key technical zone on any sustained gold downside move.

Gold Technical Analysis – D1 Chart

gold technical analysis 4th 8th February 1 Gold Technical Analysis   Week Of February 4th 2013

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