10.07.201410:55 Forex Analysis & Reviews: Gold Technical analysis for July 10, 2014

Long-term review

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The gold price is testing important resistance levels. The gold price is near $1,330. So, bulls will need to show signs of strength now and break above resistance at $1,334. If bulls do not manage to break resistance and the gold price gets another rejection, we should expect prices to pull back towards $1,310 at least.

The gold price remains above Ichimoku cloud. The cloud is very thin and I expect a sharp move to start soon. The price is testing resistance. A rejection now will not be a good sign for bulls. Now, support by the Ichimoku cloud is at $1,320; support by the trend line is at $1,310. If the price breaks below these two levels, we shall confirm that the upward move from $1,240 is over.

The daily chart supports the bullish scenario. The gold price is above the Ichimoku cloud and is trying to break the sideways consolidation. Breaking above the previous highs will signal bullishness and a target near $1,350. Our longer-term view remains bearish as I believe we are in the final stages of wave E triangle of wave 4 and wave 5 should bring the gold price towards $1,000.

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