ITraderAnalysis
Short

Gold Weekly Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
53 0 0

Gold             Weekly Analysis
February 15, 2016
Weekly Chart:

Price is likely still in a bearish trend for the overall big picture, with recent weaken of US Dollar             , the gold             price manage to rally and break the inner trendline . However upon reaching the weekly resistance, as well as the Outer trendline , 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.
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