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14.10.201509:22 Forex Analysis & Reviews: Gold technical analysis for October 14, 2015

Long-term review

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Gold price broke above the short-term resistance and previous high of $1,170 confirming the uptrend on the chart. The level of $1,200 is my target area plus or minus 10$. I do not believe that gold bulls have enough strength to break above $1,250 at the moment.

Red line - resistance

Green line - support

The price is above cloud support trending higher. We have broken the previous high of $1,170 and we are moving towards our target of $1,200. The short-term support is found at $1,150.

Black line - triangle patter

Red horizontal line - previous high resistance

Gold price has broken above the kijun-sen and above the previous resistance. We are approaching the Ichimoku cloud at $1,200, which is our target. I would remain bullish looking for an opportunity to take profits as we approach the area of $1,200.

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