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29.10.201411:47 Forex Analysis & Reviews: Gold Technical analysis for October 29, 2014

Long-term review
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Gold price remains below weekly resistance at $1,237 and also remains in a short-term bearish trend as price has broken below the Ichimoku cloud. My longer-term view remains unchanged with $1,050 as target.

Exchange Rates 29.10.2014 analysis

Gold price remains below Ichimoku cloud and has short-term resistance at $1,237 and short-term support at $1,222. The short-term pattern looks like a bearish flag and I believe it is more probable to see a push lower towards $1,200 if $1,220 support fails to hold price.

Exchange Rates 29.10.2014 analysis

Blue line = resistance

Black line = support

The weekly chart remains bearish as Gold price is making lower highs with consistent lows at $1,180. Combined with the rejection at the Ichimoku cloud I believe that Gold price will at best bounce towards $1,300. Howeverб I believe that eventually Gold price will break below $1,180 and will move to $1,000 as the lower highs are a sign of bulls getting weaker and weaker.

Alexandros Yfantis
Analytical expert of InstaForex
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