05.12.201411:31 Forex Analysis & Reviews: Gold Technical analysis for December 5, 2014

Long-term review

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Gold price continues to trade sideways. A pullback towards $1,180 is quite possible before the resumption of the uptrend towards $1,270. The short-term trend is neutal as long as price is below $1,215. Bulls should be worried if support at $1,170 fails. On the other hand, bears could see a push above $1,215 which will start to cover short positions.

Red line = support

Gold price as shown on the above chart is consolidating above support at $1,200. Breaking below it will bring Gold price towards the cloud support and the Ichimoku cloud near $1,180. After this pullback, I believe it will be more probable to see a new upward move starting towards $1,270.

The weekly chart above shows how price closed above the Tenkan-sen last week. So, this week I expect to see a break towards the kijun-sen towards $1,230 at least. The next important resistance by the Fibonacci ratios is at $1,236 and then at $1,263. The weekly candle of last week is very bullish and I expect to see at least one more bullish weekly candle. So, the trend remains bullish in the short term with increased chances of a move towards $1,260-70.

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