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09.03.201609:37 Forex Analysis & Reviews: Gold technical analysis for March 9, 2016

Long-term review

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Gold price got rejected at $1,280 yesterday as bulls were not strong enough to reach a new high. The price has pulled back towards short-term support. The bullish short-term scenario for a new higher high towards $1,300 is still viable as long as the price remains above $1,220.

Black line- support

Gold price remains in an uptrend in the short-term. Support is found at $1,245 in the short-term. The trend changes if price breaks below the black support line. The price is above the Ichimoku cloud. I continue to believe that this upward move from $1,045 is the first sign of a longer-term reversal.

Red lines - downward sloping wedge

Gold price has broken above the weekly Kumo (cloud) and the long-term downward sloping wedge. This is an important bullish breakout signal. This can signal a longer-term reversal. We are now at the final stages of a rise from $1,045, so bulls should be cautious and wait for a pullback to try a longer-term bullish position.

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