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24.08.201610:07 Forex Analysis & Reviews: Technical analysis of Gold for August 24, 2016

Long-term review

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Gold price as expected bounced towards the lower triangle boundary and got rejected. This backtest is complete and the downtrend should resume soon. I assume the short-term bearish scenario for Gold targeting $1,280.

Blue lines - triangle pattern

Red line - long-term support

Price is still below the Ichimoku cloud in the 4 hour chart. Resistance is at $1,350 and support at $1,330 and then at $1,310. I expect price to move lower towards the red trend line support towards $1,280-$1,300.

Blue lines - bullish channel

Price is still inside the bullish channel and is testing the weekly tenkan-sen support at $1,330-40. Breaking below it will open the way for a push towards $1,280-$1,290. If the channel is broken we should find support at the weekly cloud near $1,200.

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