Technical analysis of Gold for June 10, 2016

Gold price continued its upward movement towards a new higher high at $1,272.50. The trend remains short-term bullish as long as price is above $1,257. Gold is expected to pull back towards $1,245 at least and then resume its upward move.

Black line - long-term resistance (broken)

Red line - short-term support

Gold price is trading above the Kumo (cloud) confirming a short-term bullish trend. Price has also broken above the downward sloping black trend line resistance. Now I expect a pullback to test at least the 38% Fibonacci retracement.

On the daily chart, gold price has broken out and above the Kumo. Today's candle looks like a back test candle to confirm breakout. I remain bullish and expect to see the price above $1,400. The medium-term stop for bulls is at $1,200. The long-term stop for bulls is at $1,045.The material has been provided by InstaForex Company - www.instaforex.com