Technical analysis of gold for March 13, 2017

Gold price is bouncing and breaking out of the bearish short-term channel. This could be the start of a bigger upward move in Gold. I remain longer-term bullish expecting a move above $1,375.

Blue lines – bearish channel

Purple lines – resistance

The oscillators have broken out of resistance on Friday and today Gold price is trading above the bearish short-term channel. Price however remains below the Ichimoku cloud, but I believe that soon we will see a test of it. A break below Friday’s lows will not be a bullish sign for Gold. Resistance is at $1,211 and next at $1,230-40. A break above it will open the way for $1,310-50.

Gold price is trading above the Ichimoku cloud on a daily basis. Price is turning upwards. Oscillators are turning higher from oversold and divergent levels. Most signs here are bullish. However we could see a back test of the cloud support near $1,200.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of gold for March 13, 2017