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08.10.201509:46 Forex Analysis & Reviews: Gold technical analysis for October 8, 2015

Long-term review

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The gold price got rejected at the $1,150 resistance level and pulled back. The big picture remains unclear as long as the weekly candle remains inside the big triangle pattern. A weekly close above $1,150 will open the way to $1,200, otherwise we can see $1,110-20 again.

Red line - resistance

The gold price is below the red downward sloping trend-line resistance. The price is above the Ichimoku cloud support. Gold is making impulsive upward moves while the structure of declines is corrective. The short-term resistance is at $1,154 and support stands at $1,130.

The weekly chart remains inside the triangle pattern. Important resistance is at $1,150-55. Breaking above this level will be an important bullish signal with implications of a higher move towards $1,200. Support is at $1,130.

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