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Gold price continues to trade above support at $1,117. As long as it does not break below it, bulls still have chances to send the price towards $1,170 again. Gold price is above its critical support and there is still no sell signals on the chart.
Green line - supportBlack line - resistance
The price is below the black downward sloping trend line. A breakout above $1,125 will probably push the price towards $1,135 where the short-term Ichimoku cloud resistance is found. A breakout below $1,117 will bring in more sellers and push the price even lower to the territory below $1,100.
The weekly chart remains bearish. After the rejection at the 61.8% retracement, prices moved below the weekly tenkan-sen indicator ( red line). Gold price is now at important medium-term support line. Breaking below $1,117 area will probably push prices to the lows which were previously reached in summer.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.