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02.09.201509:36 Forex Analysis & Reviews: Gold technical analysis for September 2, 2015

Long-term review

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Gold price continues to trade in a short-term bullish trend moving towards higher highs and higher lows. My medium-term targets for Gold price are between $1,170 and $1,200 as the weekly chart is supported.

Green line - support

Gold price is trading above the green trend-line support and is trying to break out above the Ichimoku cloud in the 4-hour chart as shown above. A 4-hour candle close above the cloud will be a bullish sign, but bulls need to show more strength and break above the short-term resistance of $1,150.

The weekly chart is supported by the tenkan-sen (red line indicator) however it is still below the kijun-sen (yellow line indicator). A weekly close above $1,155 will probably push price towards $1,200 next week. I remain short-term bullish.

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