06.10.201709:26 Forex Analysis & Reviews: Technical analysis of gold for Oct 06, 2017

Long-term review

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Gold price is trading near its lows just above $1,266. Trend remains bearish. Price however has reached important daily and Fibo support. I expect Gold price to make a full scale reversal to the upside today.

Black line - resistance

Blue lines - bullish divergence signs

Gold price is below the Ichimoku cloud, making lower lows and lower highs. Price is at new lows but both RSI indicators continue to provide bullish divergence signs. I expect Gold price to reverse today and break resistance of $1,274 and at least test $1,288-90.

Gold price has reached the lower cloud boundary and the 61.8% Fibonacci retracement. This is important support levels. I expect Gold to bounce at least towards $1,300 from current levels. However my longer-term view remains bullish looking for $1,400 and higher.

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