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21.07.201608:55 Forex Analysis & Reviews: Technical analysis of Gold for July 21, 2016

Long-term review
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Gold continued moving lower towards its support of $1,310-$1,300 yesterday after breaking below the triangle pattern we noted 2 days back. The trend remains bearish. A short-term reversal signal will come if Gold breaks above $1,320. Confirmation of the short-term trend reversal will come if the price breaks above $1,340.

Exchange Rates 21.07.2016 analysis

Blue lines - bearish channel

Gold price is inside the bearish blue channel and below the Kumo (cloud). The price has also reached the 38% Fibonacci retracement of the rise from $1,200. As long as the price is below the Kumo, the medium-term trend is bearish.

Exchange Rates 21.07.2016 analysis

Gold has found support at the daily kijun-sen (yellow line indicator). A daily close below it will open the way for a move towards the Kumo near $1,270. The scenario where we see even below $1,250 is still open as we could very well have started a big pullback to retrace the entire rise from $1,045. As long as Gold is above $1,045, we assume that we have made a long-term low and a long-term trend reversal at that level.
Alexandros Yfantis
Analytical expert of InstaForex
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