FX.co ★ Technical analysis of gold for October 25, 2016

Gold price continues to trade just above the $1,262 breakout area. Yesterday we saw a spike towards $1,272 but it was short-lived. This bounce has helped us see clearly the resistance levels ahead which are at $1,272-75 area. As long as we are above $1,247 we look for an immediate bounce towards $1,290-$1,300 at least.

Red lines - support

Blue line - resistance

Gold price is trading above the Ichimoku cloud on the 4-hour chart. Price is forming a higher low before the next upward move that is expected to push prices towards $1,300. I remain both short- and long-term bullish Gold.

On a daily basis price holds above the tenkan-sen (red line indicator) and my minimum target remains at the kijun-sen (yellow line indicator). I believe soon we sill see an upward break out towards $1,290-$1,300. Medium-term trend will change back to bullish on a break above $1,350-60.