13.09.201821:37 Forex Analysis & Reviews: Technical analysis of Gold for September 14, 2018

Long-term review

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Gold price broke above the $1,205 resistance today and reached $1,212. Despite Dollar weakness, Gold price pulled back down towards $1,200. It is important to hold above $1,200 in the short-term. Important medium-term support at $1,190 needs also to hold for $1,220 to be achieved.

Green lines - bearish channel

Dark green line- support

Red line -resistance

Gold price broke above the downward sloping red trend line resistance and is now back testing it at $1,200. Holding above it could lead to another leg higher towards the upper channel boundary near $1,222. Support is at $1,190. If this level is broken we forget any move above $1,210 and we focus on a move lower towards $1,170.

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