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07.10.201509:51 Forex Analysis & Reviews: Gold technical analysis for October 7, 2015

Long-term review

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Gold price broke the triangle pattern providing us with a buy signal. Gold price might pull back today in order to test the breakout area, but an overall trend remains bullish with increased chances for a push higher towards $1,200.

Red line - resistance

Gold price found short-term resistance at the downward sloping trend line at $1,152. It has broken out of the Ichimoku cloud and is moving towards higher highs and higher lows. We could see a pullback towards $1,130, but I would remain bullish.

Black lines - triangle pattern

Gold price is breaking above the long-term triangle pattern testing the kijun-sen resistance indicator. A break above $1,156 will give a new bullish signal that could bring the Gold price towards $1,200 where the cloud is found. I would remain bullish as long as we trade above last week's low at $1,104.

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