05.10.201808:53 Forex Analysis & Reviews: Technical analysis of Gold for October 5, 2018

Long-term review

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Gold price remains inside the trading range. Gold price made a move higher yesterday towards $1,207 but did not break above resistance of $1,211. Prices reversed strongly back below $1,200 at the upper boundary of the long-term bearish channel.

Red lines - trading range

Green lines - bearish long-term channel

Gold price is in a neutral trend. Only a clean exit out of the trading range could provide some momentum. Today after the NFP announcement we could see a break of the trading range. A rejection at $1,200 and a move below $1,184 will open the way for a move towards $1,140. A break above $1,207 will increase the chances of exiting the trading range to the upside towards $1,220-40.

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