FX.co ★ Gold technical analysis for February 10, 2016

Gold price is making a consolidation near highs between $1,185 and $1,200. This trading range once broken will provide at least a short-term trend pushing the price to at least $1,215 or $1,160.

Gold price remains above the kijun-sen (yellow line indicator) and above the Ichimoku cloud in the 4-hour chart. The tenkan-sen has been broken, but this is normal in the short-term moves as the price moves sideways. Horizontal support is found at $1,185. Resistance is seen at $1,200. The medium-term trend remains bullish.

Red lines - downward sloping wedge

Yellow line - long-term resistance trend line

Gold price is testing important weekly resistance levels as we anticipated yesterday. A breakout above the weekly cloud and out of the downward sloping wedge will increase chances for the long-term reversal. A rejection at current levels will open the way to the level of $1,100 again.