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12.10.201509:35 Forex Analysis & Reviews: Gold technical analysis for October 12, 2015

Long-term review

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Gold price made a confirmed weekly breakout on Friday holding the support of $1,140 after the back test of the breakout. The trend remains bullish and my short-term target remains at $1,200.

Red line - trend line resistance

Gold price has broken above the short-term downward sloping red trend line trading above the Ichimoku cloud. Bulls are in control of the trend as the price is moving towards higher highs and higher lows. Important support is found at $1,140 and short-term support is seen at $1,152.

Black lines - triangle pattern

The weekly candles have broken above the triangle pattern and above the kijun-sen (yellow indicator). This is a bullish sign, which implies that the trend is bullish in the short-term and we are going to test the Ichimoku cloud that we found at $1,200.

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