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13.10.201510:00 Forex Analysis & Reviews: Gold technical analysis for October 13, 2015

Long-term review

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Gold price is making a pullback after the recent rally to $1,169. This pullback is considered to be normal to back test the area of $1,150. Bulls have nothing to worry about. A trend remains bullish, and we still expect the price to reach $1,200.

Red line - resistance TL (broken)

The price is above the Ichimoku cloud in the 4-hour chart and above the broken trend-line resistance. It is also above the kijun-sen support (yellow indicator) although we have touched it earlier today. The trend remains bullish in the short term. Next support is found at $1,140.

Black lines - triangle pattern

Gold price remains above and the triangle pattern trading around the weekly kijun-sen. I believe the week will close above this level. Over the next couple of weeks gold price is likely to move towards $1,200. I would remain bullish.

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