Gold price remains inside the triangle. Price has been rejected at the triangle resistance and pulled back towards the lower triangle boundaries. Support is found at $1,287 and resistance, at $1,310. The trend is neutral as long as Gold price is inside this triangle.
Price has fallen below the Ichimoku cloud favoring bears a bit. However, if support at $1,287 holds, we should expect another bounce upwards towards $1,305. Our longer-term view remains bearish, but as long as price is above $1,268, we could see a strong bounce towards $1,330-40. A downward break of the triangle will increase chances of Gold price challenging the lows at $1,268.
The daily chart shows clearly sideways consolidation of the market. I still see the possibility of reaching $1,340-50 if we do not break the $1,268 low. If we break that low, I expect a sharp move towards $1,240-$1,200 and no chance of moving upwards towards $1,340. Our longer-term target is $1,100.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price remains inside the triangle. Price has been rejected at the triangle resistance and pulled back towards the lower triangle boundaries. Support is found at $1,287 and resistance, at $1,310. The trend is neutral as long as Gold price is inside this triangle.
Price has fallen below the Ichimoku cloud favoring bears a bit. However, if support at $1,287 holds, we should expect another bounce upwards towards $1,305. Our longer-term view remains bearish, but as long as price is above $1,268, we could see a strong bounce towards $1,330-40. A downward break of the triangle will increase chances of Gold price challenging the lows at $1,268.
The daily chart shows clearly sideways consolidation of the market. I still see the possibility of reaching $1,340-50 if we do not break the $1,268 low. If we break that low, I expect a sharp move towards $1,240-$1,200 and no chance of moving upwards towards $1,340. Our longer-term target is $1,100.
The material has been provided by InstaForex Company – www.instaforex.com
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