the daily chartist

Gold recap for 24.02.2016

published 5 years ago
Gold Daily

Gold's run to the hills continues after a little stall at around 1237.991, but risk aversion returned to the markets and gold found strong support lifting the price up yesterday towards 1253.310. Profit taking and FED's Kaplan put on some pressure afterwards and from its high at 1253.281 price fall down to 1221.885 and closed at 1225.068 leaving a nice long candle tail on the daily chart. Risk aversion is the main factor for the rising in gold.

 Currently gold is stuck between 1253.310 and 1221.084 as 1237.991 level zone remains strong resistance zone.Breakout will occur soon for sure and if overall atmosphere turns gloomy there is a possibility for the yellow metal to surpass 1253.310 and try for 1270 and even beyond. Good idea will be if current conditions remain to buy the dips as money outflow from equity and stocks come into gold. 

 Of course watch for any rapid shifts in sentiment and fundamentals as we are ending the month of February.