Technical analysis of gold for September 8, 2017

Gold price has reached our second target of $1,350. Price remains in a strong up trend. Next target is at $1,380. Gold longer-term trend is bullish. We can expect a pull back between $1,330-$1,300 before the next big upward move.

Gold price remains in an up trend as price is holding above both the tenkan- and kijun-sen indicators. Price is making higher highs and higher lows. Support is at $1,344 and next at $1,330. Resistance is now at $1,374.94 at the July high of 2016.

Magenta line – resistance

Blue line – support

Gold price has reached our second target at $1,350 where we find the magenta trend line resistance. Price is marginally trading above it. I believe we will eventually break it and move towards our third target of $1,380. Long-term trend is bullish. Pull backs will come and I expect to be a buyer again.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of gold for September 8, 2017