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31.10.201609:55 Forex Analysis & Reviews: Technical analysis of gold for October 31, 2016

Long-term review

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Gold price remains in an uptrend as price made a higher high and higher low. Price has reached the lower target of $1,280 on Friday. I'm bullish since $1,250 is calling for a strong bounce towards $1,280-$1,300. A major low could still be in but we can't confirm that yet.

Blue line - support

Price is trading above the Ichimoku cloud on the 4-hour chart. Support is at $1,260. Resistance remains at $1,310-$1,320. Shorter-term resistance is at $1,290.

Gold price continues to trade above the daily tenkan-sen (red line indicator) support and is heading towards my short-term target at the daily kijun-sen resistance (yellow line indicator). I remain longer-term bullish. A push towards $1,200-$1,170 will be a gift for bulls, however I'm not so sure it can be achieved.

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