05.07.201623:29 Forex Analysis & Reviews: Technical analysis of Gold for July 6, 2016

Long-term review

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Gold price remains in a bullish trend holding above the short-term support of $1,340 and testing the post-Brexit high at $1,360. I continue to expect a new higher high near $1,400 where the first important long-term resistance is found.

Blue lines - bullish channel

Gold price continues to trade above the Ichimoku cloud and inside the bullish short-term channel. A trend remains bullish. A target is $1,400 and could be achieved this week as I have been saying from last week. Support is at $1,345, resistance is at $1,360 and next at $1,400.

On the weekly chart we observe the clear breakout above the weekly Kumo resistance as Gold has most probably made a long-term bullish reversal. The $1,400 price level also marks the important long-term resistance of the 38% Fibonacci retracement of the decline from its all time highs. I believe this level will be tested and an initial rejection will be seen.

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