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29.07.201608:50 Forex Analysis & Reviews: Technical analysis of Gold for July 29, 2016

Long-term review

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Gold price is showing signs of reversal from our target area of $1,350. Bears need to break below $1,320 for the bearish scenario to play out. Expecting Gold to push lower towards $1,250-70.

Red line -support trend line

Gold price is trading above the Ichimoku cloud. Short-term support is at $1,328 and resistance is at $1,345. A break below $1,325 will be a bearish sign as price will be breaking below the cloud and the red trend line support. Next target will be 61.8% Fibonacci retracement of the rise from $1,200.

The daily candle is holding above the daily tenkan-sen (red line indicator) at $1,327. A daily close below that level will push price towards the daily kijun-sen (yellow line indicator) at $1,314. The most probable outcome is a push towards the daily cloud support near $1,290 at least. A break and weekly close above $1,350 will increase the chances of making a new high above $1,375 next week.

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