FX.co ★ Gold technical analysis for February 21, 2014

Gold price has broken above the downward sloping trend line resistance and is now making a try to reach previous highs. This upward move that started after the low at $1,306 is most liekly to be the beginning of a new upward move that could push the Gold price towards $1,400.

Gold price is trading above the Ichimoku cloud support in the 4 hour chart. It has short-term resistance at $1,325 and short-term support at $1,305. The short-term trend is neutral now. Breaking above $1,331 will make trend bullish and give us $1,350 as first target. If Gold price breaks below $1,305, then short-term trend will change to bearish and we will have $1,280-90 as our first target.

The daily chart shows how Gold price is fighting at the red downward sloping long-term trend line resistance. In case the top is in, the first pullback target is the 38% Fibonacci retracement at $1,295. However, Gold price could be forming a bullish flag. A longer-term trend and momentum point are higher towards $1,350-$1,400. Holding above $1,300 is bullish. Breaking below is bearish and could push the price towards $1,260 upward sloping trend line.