Gold technical analysis for August 7, 2015

Gold price remains inside the triangle pattern even after the announcement of the US unemployment rate and Non-Farm Payrolls. Earlier today we saw the price bounce towards $1,098, but it pulled back down after the NFP numbers came out.

Blue line - trendline resistance

Green lines - triangle pattern

Gold price remains inside the triangle pattern and below the blue long-term trendline resistance. The price tried to push above the cloud but got rejected. As long as we hold above $1,077, bulls can still hope for a bounce. Breaking above $1,105 can push the price to $1,130.

The weekly chart remains bearish as the price is mostly moving sideways for two weeks. The level of $1,077 is critical support and if it is broken, it could push the price towards our longer-term target of $1,040 or lower. A bounce above $1,105 will find resistance at $1,130-40.The material has been provided by InstaForex Company - www.instaforex.com