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25.08.201509:35 Forex Analysis & Reviews: Gold technical analysis for August 25, 2015

Long-term review

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Gold price as expected has made a new higher high yesterday after breaking the short-term triangle pattern but got rejected again at the weekly resistance of 61.8% Fibonacci retracement. Gold's inability to rise combined with the extreme bearishness in equity markets is a bearish sign for Gold.

Dark blue - triangle pattern

Cyan lines - bullish channel

Gold price is now breaking below the triangle pattern and below $1,150. Price is above the Ichimoku cloud in the 4-hour chart, so we do not have a confirmation of the trend change yet. I believe that Gold price could have made an important high and we should expect at least a push towards $1,130 level.

The weekly chart shows how price was rejected at the 61.8% Fibonacci retracement. Price is still above the weekly indicators but still below the weekly Ichimoku cloud. Weekly support is at $1,130 and a weekly close below it will confirm a trend reversal to the downside again.

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