Gold Loses Upside Momentum
ICN.com | Feb 03, 2016 06:10AM ET
It seems that gold has lost the upside momentum as it approached 61.8% Fibo located at 1136.00, which appears on the RSI, while the ADX indicator shows some weakness in the upside trend despite its continuation.
Hence, out trading position is neutral and did not change, although we predict some upside attempts as long as the price remains above 1118.00, noting that the risk/return ratio is not appropriate to make a good trading position, but we will keep our previous trading positions since we expect some upside attempts and touching the target at 1136.00.
- Support: 1120.00-1118.00-1110.00
- Resistance: 1130.00-1136.00-1142.00
Price direction: Upside, but neutral for our trading positions
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