Gold price is consolidating and moving sideways in the short-term. Price has formed a triangle pattern. Triangles are usually found at the last stages of a trend, so we could see a final break out towards $1,330-40 before the reversal.
Red lines – bullish channel
Blue lines – triangle pattern
Gold price remains inside the bullish channel while moving sideways in a triangle pattern. Support is at $1,316 and resistance lies at $1,322. A break above resistance could push the price to $1,330. A break below support will signal the start of the correction phase of at least the upward move from December lows.
Blue line – expected path
Gold price has broken out of the Ichimoku cloud. The trend is bearish. But it is time for at least a pull back towards cloud support at $1,280. This is not the time be long on gold but look for bearish reversal confirmation.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price is consolidating and moving sideways in the short-term. Price has formed a triangle pattern. Triangles are usually found at the last stages of a trend, so we could see a final break out towards $1,330-40 before the reversal.
Red lines – bullish channel
Blue lines – triangle pattern
Gold price remains inside the bullish channel while moving sideways in a triangle pattern. Support is at $1,316 and resistance lies at $1,322. A break above resistance could push the price to $1,330. A break below support will signal the start of the correction phase of at least the upward move from December lows.
Blue line – expected path
Gold price has broken out of the Ichimoku cloud. The trend is bearish. But it is time for at least a pull back towards cloud support at $1,280. This is not the time be long on gold but look for bearish reversal confirmation.
The material has been provided by InstaForex Company – www.instaforex.com
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