Gold price continues to trade inside the short-term triangle pattern. The price is kept inside a trading range between $1,105 and $1,077. Currently, a break above resistance and a push towards $1,130 are likely to be the most probable outcome. My longer-term view remains bearish.
Blue line – long-term trend line resistance
Green lines – triangle pattern
Gold price remains below the blue trendline resistance and below the Ichimoku cloud. Medium- and long-term trends remain bearish. The short-term trend is neutral as the price moves sideways. Traders are waiting for a breakout above or below the triangle. Targets are $1,130 if we break upwards and $1,040 if we break downwards.
Blue line -long-term trend line support broken
The weekly chart remains bearish. A steep decline has stopped. It is time for an upward bounce towards the tenkan-sen (red indicator). My longer-term view remains bearish as long as the price is below the Ichimoku cloud.
The material has been provided by InstaForex Company – www.instaforex.com