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05.03.201510:29 Forex Analysis & Reviews: Gold technical analysis for March 5, 2015

Long-term review

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Gold price looks weak but holds above the support area of $1,200-$1,190. I could see gold price bouncing towards $1,235 or even $1,250, but as a counter-trend move. The longer-term trend is bearish and it is likely to wait for an opportunity to sell.

Gold price is below the Ichimoku cloud again. However, the price still remains above the February lows. The first bounce, I believe, was too shallow to be completed. So, I will be expecting another bounce higher towards the 38% retracement before opening a short position again.

The weekly chart remains bearish as the price stays below the kijun-sen (yellow line) indicator. If we break above that level, we should expect gold price to reach the red line indicator (tenkan-sen) at $1,250. The longer-term trend is still bearish. Important support is at $1,180.

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