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25.06.201509:34 Forex Analysis & Reviews: Gold technical analysis for June 25, 2015

Long-term review

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Gold price has stopped its decline above $1,170 and the trend remains mostly sideways as it has been for the last four months. There are increased chances of a push higher towards $1,190 as long as the price holds above $1,170. My longer-term view remains bearish.

Blue lines = triangle pattern

Gold price has moved below the Ichimoku cloud. Support is found at $1,170 where the lower boundary of the triangle pattern is found. As long as we are above $1,170 the chances favor a bullish bounce towards $1,190 or even $1,205.

Blue line = long-term trend line support

The weekly chart remains bearish as the price got rejected at the tenkan-sen. Important support is at $1,170 and $1,150. My longer-term view remains bearish and I believe we will break below $1,130 towards $1,000.

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