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28.03.201709:09 Forex Analysis & Reviews: Technical analysis of gold for March 28, 2017

Long-term review

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Gold price remains in a bullish trend despite the pullback from $1,262 to $1,251. The price continues to trade inside the short-term bullish channel. The price reached previous highs and got rejected. The second try at the resistance is expected to break it upwards to new 2017 highs.

Blue lines - bullish channel

Gold is testing short-term support at $1,250. The channel and the tenkan-sen support (red line indicator) is found at $1,250. If this support fails, I would expect Gold to drift lower towards the 4-hour Kumo (cloud) at $1,240-30 area.

Black line - long-term resistance

Blue line - long-term support

The weekly chart remains fully bullish. The RSI is pointing higher and that the uptrend is not over yet. The price is above the tenkan- and kijun-sen indicators and general price direction points towards a test of the black long-term trend line resistance at $1,300.

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