Gold technical analysis for February 2, 2016

Gold price made another new higher high confirming the bullish trend. We are approaching an important resistance area between $1,130-40. Bulls need to be very cautious and raise their stops.

Blue lines -bullish short-term channel

Black lines- medium-term bullish channel

Gold continues to trade above the Ichimoku cloud. Support is at $1,115. Breaking below that level will probably push gold price below $1.100. Resistance is at $1,133. This is the time when bulls need to be very cautious.

Weekly kijun-sen resistance is being broken. Price is moving towards the Ichimoku cloud resistance. A weekly close above the kijun-sen will confirm the bullish trend. Support is at $1,090 where we find the tenkan-sen. Will gold price make a lower high relative to the $1,190 high? This high is very important resistance for the medium- to long-term trend.The material has been provided by InstaForex Company - www.instaforex.com