24.10.201808:59 Forex Analysis & Reviews: Technical analysis of Gold for October 24, 2018

Long-term review

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Gold price broke above the triangle pattern as we expected and reached $1,240. Price is now pulling back down towards the break out area. Holding above it is a bullish sign. Breaking below $1,220 would confirm the end of the upward move and the start of a new down trend.

Green lines - triangle pattern (broken upwards)

Black rectangle - major support

Gold price is in a bullish short-term trend. Price broke above the triangle pattern and is now trading above the break out level. Gold price could continue its move higher towards $1,250-60 as long as it does not fall below $1,220. Bulls should raise their stops to protect gains.

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