22.08.201609:26 Forex Analysis & Reviews: Technical analysis of Gold for August 22, 2016

Long-term review

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Gold price is trading above the 61.8% Fibonacci retracement of the rise from $1,310. This is a short-term support that if broken combined with the triangle breakdown we should see some acceleration lower towards $1,310.

Blue lines -triangle pattern

Red line - long-term support

Price is below the Ichimoku cloud in the 4 hour chart confirming bearish short-term trend. Support is at $1,332 and resistance at $1,351. Price has broken down out of the triangle and this is a bearish sign. Target is below $1,300 near $1,290.

Blue lines - bullish channel

Price remains inside the long-term bullish channel but with signs of weakening up trend and time for a pull back at least towards the weekly kijun-sen near $1,280-$1,290. If the blue channel is broken expect the weekly cloud to be tested.

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