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Gold plunged below $1200 and met our suggested area

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The precious metal has aggressively reversed last week’s gains and is now testing some significant obstacles, including the 200-SMA on the 1-hour chart and the descending trend line - from above - which started back in March 2014. The yellow metal has returned back to the suggested rebound area of $1,190 - $1,205 and it surged above the critical level of $1,200 in early trading ( http://www.fxstreet.com/analysis/daily-technical-analysis-and-forecasts/2016/02/15/02/ ). We remain bullish on gold

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