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21.09.201509:40 Forex Analysis & Reviews: Gold technical analysis for September 21, 2015

Long-term review

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Gold price remains in a short-term bullish trend and can moveeven higher towards $1,150 over the next couple of days as long as the price is above $1,125. At $1,150, we found very important resistance. In case it gets broken, it would open the way towards $1,200.

Red line - trend line resistance

Gold price is trading above the Ichimoku cloud and is reaching short-term higher highs and higher lows. Th eprice is heading towards the red downward sloping trend-line resistance at $1,150. This trend line proves last two important highs of $1,233 and $1,170. Ibn case it gets broken, the way towards $1,200 would be open. Support is found at $1,100. This is critical for the bullish medium-term trend.

The weekly chart remains bullish in the short term as we closed last week above the tenkan-sen (red line indicator). Next important resistance is seen at $1,150-55 where we found the weekly kijun-sen (yellow line indicator). Cloud resistance is seen at $1,200, a target that we can achieve in case of a breakout above $1,150-55.

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