09.10.201509:56 Forex Analysis & Reviews: Gold technical analysis for October 9, 2015

Long-term review

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Gold price held above the 38% Fibonacci retracement making another try to break above short-term resistance and the long-term triangle pattern. This week's close is very important as a close above $1,155 will imply that gold price is heading towards $1,200.

Red line - resistance

Gold price is trading above the Ichimoku cloud testing the red trend-line resistance. I remain bullish as long as we are above $1,100 and expect gold price to a break upwards and make a move towards $1,200 over the coming weeks.

Black lines - triangle pattern

The weekly candle has held above the Tenkan-sen support and is testing $1,155 where the kijun-sen resistance is found. The price is slightly above the triangle pattern and this is a bullish sign. A rejection here could bring gold price back to $1,120. However, the breakout could push the price to $1,200 in the next weeks.

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