28.07.201709:29 Forex Analysis & Reviews: Technical analysis of gold for July 28, 2017

Long-term review

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The Gold price made a new higher high yesterday and remains in a bullish trend. The Gold price is breaking above the $1,250-60 resistance area and is heading towards the long-term resistance at $1,280-90.

The Gold price is trading above both the tenkan- and kijun-sen. There are initial signs of a bearish divergence but the price continues to make higher highs and higher lows. Support is at $1,245. Resistance is at $1,275.

Blue line - long-term support

Black line - long-term resistance

Long-term resistance trend line from the ATH is at $1,275-80. The Gold price has not managed to break it every time it tried since November 2015 when medium-term trend changed. A rejection at $1,275 will push the price back towards the weekly Kumo at $1,250-40. If a cloud is broken we should expect the Gold price to test the blue trend line. I remain long-term bullish.

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