Gold price continues to trade in a triangle pattern between $1,236 and $1,244. This consolidation will end once we break either level. My longer-term view remains bearish towards $1,050. Short-term trend is bullish as price makes higher highs and higher lows.
Blue lines= support
Red line= resistance
Gold price has reached the 50% retracement and is consolidating near its highs. As long as price is above $1,220 we could see another higher high towards $1,255-60. Short-term trend remains bullish as long as price is above the Ichimoku cloud and above the two horizontal blue trend lines. Important short-term support level is at $1,220. Resistance is found at $1,255.
Blue line = support
Red line = resistance
In the 30 minute chart above I point out the triangle pattern we are currently in. Very short-term trend is neutral as long as price is inside the triangle and it is advised to be neutral and wait for a breakout. My longer-term view remains however bearish targeting $1,050.
The material has been provided by InstaForex Company - www.instaforex.com
