Gold: 16-21 Feb Forecast

Gold price has extended beyond the 1316.50-1325 major resistance zone. The price will continue the bullish move to the 1336-1344 resistance zone. It is very likely to pullback to the previews residence zone and then go up again to the 0.618 (1364) fibonacci level (consolidation) at the end of February.

The US debt ceiling will have a major influence in the future price of gold. If the the issue isn’t solved at 27 of February (deadline), i expect gold will take a bullish move to 0.764 (1406) fibonacci level.