01.02.201608:42 Forex Analysis & Reviews: Gold technical analysis for February 1, 2016

Long-term review

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Gold price is moving higher inside the short-term upward sloping channel. A trend remains bullish as long as the price is above last week's low of $1,108. The area of $1,130-35 is a bullish target now.

Blue lines - bullish short-term channel

Black lines - medium-term bullish channel

Gold price remains above the Ichimoku cloud. The short-term trend is bullish. Support is found at $1,108. Resistance is seen at $1,130-35. The most probable outcome is to see prices moving higher towards $1,130.

Black lines - long-term downward sloping wedge

As expected gold price managed to stage an important bounce off the lower wedge boundary towards the kijun-sen resistance (yellow line) and after a long time we see this resistance indicator being challenged. Weekly support is found at the tenkan-sen (red line indicator).

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