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02.09.201609:51 Forex Analysis & Reviews: Technical analysis of Gold for September 2, 2016

Long-term review

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Gold price is showing signs of a bullish reversal at the current levels. I was expecting Gold to reach $1,280-90 and we still might see this level today after the NFP numbers are announced. But overall, we are very close to a strong bounce in Gold. The confirmation will come as soon as price breaks above $1,320.

Black line - long-term resistance

Red lines - bearish channel

Price is inside the bearish channel and is back testing the green area that was once support. Price is in a bearish medium-term trend as long as it stays below the cloud. However, the $1,300-$1,280 area is important support that could provide a big bounce back to $1,350.

Blue lines - bullish channel

Price has reached very close to the weekly kijun-sen (yellow line indicator) while it is still inside the long-term bullish channel. We could still see some more downside towards $1,290 but bears should be cautious as a strong bounce could come next.

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