FX.co ★ Gold technical analysis for March 4, 2016

Gold price has broken out of the triangle as we expected and is in its final upward move. The reversal will be confirmed on a break below $1,224 and with targets around $1,150-$1,100. The upside target remains around $1,300.

Green lines - triangle pattern

Blue line - support trend line

Gold price has broken above the triangle pattern yesterday and is heading towards new highs. The triangle pattern target is at $1,300-$1,320 but bulls should be very cautious as this is expected to be the last leg up. Supportis at $1,250 and trend changes at $1,224 if broken downwards.

Gold weekly candle is making new highs as expected. Price was supported around $1,200 and as I have been saying the last few weeks, as long as we are above it trend remains bullish. Gold has broken above the weekly cloud resistance and above the downward sloping wedge. There are increased chances we have seen a long-term low in Gold around $1,050.