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24.08.2016 10:07 AM
Technical analysis of Gold for August 24, 2016

Gold price as expected bounced towards the lower triangle boundary and got rejected. This backtest is complete and the downtrend should resume soon. I assume the short-term bearish scenario for Gold targeting $1,280.

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Blue lines - triangle pattern

Red line - long-term support

Price is still below the Ichimoku cloud in the 4 hour chart. Resistance is at $1,350 and support at $1,330 and then at $1,310. I expect price to move lower towards the red trend line support towards $1,280-$1,300.

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Blue lines - bullish channel

Price is still inside the bullish channel and is testing the weekly tenkan-sen support at $1,330-40. Breaking below it will open the way for a push towards $1,280-$1,290. If the channel is broken we should find support at the weekly cloud near $1,200.

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