Technical analysis of gold for September 11, 2017

Gold price opened with a gap down today. Trend remains bullish. Price can find support at $1,330-$1,340 area. Gold price is expected to continue its bullish trend higher.

Black lines – bullish channel

Gold price has reached the 38% Fibonacci retracement support. We could see price move a bit lower towards the lower channel boundary or the Ichimoku cloud support at $1,330, This would be a buying opportunity. I remain bullish and expect Gold price to reverse to the upside soon.

On a daily basis, Gold price is making higher highs and higher lows. Support is at $1.330-$1,300 area. Trend is bullish in ichimoku cloud terms as well. The oscillators are turning downwards from overbought levels but we have no divergence. This implies that price should make new highs after the pullback is over.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of gold for September 11, 2017