Gold Weekly Analysis
February 15, 2016
Price is likely still in a for the overall big picture, with recent weaken of US Dollar , the gold price manage to rally and break the inner . However upon reaching the weekly resistance, as well as the Outer , price hold, now we have 2 significant confluence which will be a reacting factor on directional bias of gold price. (*Pay attention to this key level.)
Breaking above Weekly TL & Weekly Res, potentially price could reach 1311.50; whilst on the other side, if price bounce-off, then we could see price back to the monthly support at 1179.50 & further down at 1047.50. I personally be more prefer to the downside scenario, but we do needed a significant price action setup to support our bias.