Technical analysis of Gold for October 14, 2016

Gold showed signs of strength yesterday but not enough to break above short-term resistance at $1,260. Price is moving mostly sideways around the critical support of $1,250. A new low below $1,250 will most probably bring more sellers and push Gold price towards $1,220-30.

Red lines - trading range

Gold price is moving sideways. Upper trading range boundary is at $1,262 and the lower boundary at $1,250. A break of either level will push price towards $1,280-90 or $1,220-30 respectively.

On a weekly basis there is no change. Price remains above the important support of the 38% Fibonacci retracement and above the weekly cloud. We might see a bounce towards $1,300 first before re-testing the weekly Ichimoku cloud. I remain long-term bullish.The material has been provided by InstaForex Company - www.instaforex.com

From www.instaforex.com http://ift.tt/2eeLlO0