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The gold price got rejected at the $1,150 resistance level and pulled back. The big picture remains unclear as long as the weekly candle remains inside the big triangle pattern. A weekly close above $1,150 will open the way to $1,200, otherwise we can see $1,110-20 again.
Red line - resistanceThe gold price is below the red downward sloping trend-line resistance. The price is above the Ichimoku cloud support. Gold is making impulsive upward moves while the structure of declines is corrective. The short-term resistance is at $1,154 and support stands at $1,130.
The weekly chart remains inside the triangle pattern. Important resistance is at $1,150-55. Breaking above this level will be an important bullish signal with implications of a higher move towards $1,200. Support is at $1,130.¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.