The Gold price made a new higher high yesterday and remains in a bullish trend. The Gold price is breaking above the $1,250-60 resistance area and is heading towards the long-term resistance at $1,280-90.
The Gold price is trading above both the tenkan- and kijun-sen. There are initial signs of a bearish divergence but the price continues to make higher highs and higher lows. Support is at $1,245. Resistance is at $1,275.
Blue line – long-term support
Black line – long-term resistance
Long-term resistance trend line from the ATH is at $1,275-80. The Gold price has not managed to break it every time it tried since November 2015 when medium-term trend changed. A rejection at $1,275 will push the price back towards the weekly Kumo at $1,250-40. If a cloud is broken we should expect the Gold price to test the blue trend line. I remain long-term bullish.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Gold price made a new higher high yesterday and remains in a bullish trend. The Gold price is breaking above the $1,250-60 resistance area and is heading towards the long-term resistance at $1,280-90.
The Gold price is trading above both the tenkan- and kijun-sen. There are initial signs of a bearish divergence but the price continues to make higher highs and higher lows. Support is at $1,245. Resistance is at $1,275.
Blue line – long-term support
Black line – long-term resistance
Long-term resistance trend line from the ATH is at $1,275-80. The Gold price has not managed to break it every time it tried since November 2015 when medium-term trend changed. A rejection at $1,275 will push the price back towards the weekly Kumo at $1,250-40. If a cloud is broken we should expect the Gold price to test the blue trend line. I remain long-term bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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