21.10.201609:09 Forex Analysis & Reviews: Technical analysis of Gold for October 21, 2016

Long-term review

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Gold price is making a pullback towards the breakout area of $1,262. Price remains inside the neutral cloud area but I believe support will hold and Gold price will continue its bounce and make short-term higher highs and higher lows.

Red line - support (previous resistance)

Gold price is inside the Ichimoku cloud. Trend is neutral. Price is now testing the broken resistance. Price is also very close to exit above the Ichimoku cloud. This will be a bullish sign. Gold could be at the beginning of a new uptrend with higher highs and higher lows. Therefore a new higher high above $1,273 will be a bullish sign that could push price towards $1,300.

On the daily chart, we observe that price has tested the daily tenkan-sen (red line indicator) and if this support holds, we will have many chances of reaching our short-term target near $1,290 where the daily Kijun-sen (yellow line indicator) is found. Oscillators are turning upwards from oversold levels and this is a warning for bears that an upward move could already have started.

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