Gold price remains in a bullish trend despite the pullback from $1,262 to $1,251. The price continues to trade inside the short-term bullish channel. The price reached previous highs and got rejected. The second try at the resistance is expected to break it upwards to new 2017 highs.
Blue lines – bullish channel
Gold is testing short-term support at $1,250. The channel and the tenkan-sen support (red line indicator) is found at $1,250. If this support fails, I would expect Gold to drift lower towards the 4-hour Kumo (cloud) at $1,240-30 area.
Black line – long-term resistance
Blue line – long-term support
The weekly chart remains fully bullish. The RSI is pointing higher and that the uptrend is not over yet. The price is above the tenkan- and kijun-sen indicators and general price direction points towards a test of the black long-term trend line resistance at $1,300.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price remains in a bullish trend despite the pullback from $1,262 to $1,251. The price continues to trade inside the short-term bullish channel. The price reached previous highs and got rejected. The second try at the resistance is expected to break it upwards to new 2017 highs.
Blue lines – bullish channel
Gold is testing short-term support at $1,250. The channel and the tenkan-sen support (red line indicator) is found at $1,250. If this support fails, I would expect Gold to drift lower towards the 4-hour Kumo (cloud) at $1,240-30 area.
Black line – long-term resistance
Blue line – long-term support
The weekly chart remains fully bullish. The RSI is pointing higher and that the uptrend is not over yet. The price is above the tenkan- and kijun-sen indicators and general price direction points towards a test of the black long-term trend line resistance at $1,300.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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