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FX.co ★ Gold technical analysis for October 19, 2015

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Forex Analysis:::2015-10-19T07:47:14

Gold technical analysis for October 19, 2015

Gold price reversed from my target area towards $1,170 as expected. As I had mentioned last wee, gold price reached the area where I preferred to take profits without opening new long positions. Gold price was expected to pull back and has now reached channel support.

Gold technical analysis for October 19, 2015

Red lines - bullish channel

Gold price is testing channel support and kijun-sen support (yellow line indicator). Gold price remains above the cloud support approaching higher highs and higher lows. A bounce from current levels to new highs is justified. Bulls could get the second and last chance to reach the level of $1,200 soon, but if we break below this channel, only a double top should be expected.

Gold technical analysis for October 19, 2015

Black lines - broken triangle

Red line - broken resistance

The weekly cloud had closed above the previous weekly high and we started the week with a pullback resulting in a test at the breakout level of $1,170. The price has not reached the Ichimoku cloud yet and there are still many chances of seeing $1,200. However, bulls should be very cautious and use tight stops.

Analyst InstaForex
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