Gold price remains inside a triangle pattern. TThe tend is neutral. Best strategy is to wait for a breakout of the triangle before choosing a side. Other strategy is to buy near support and sell near resistance.
Blue line - trend line resistance
Green lines - triangle pattern
Gold price remains below the Ichimoku cloud. It is inside a trading range between resistance at $1,105 and support at $1,077. The Ichimoku cloud is getting very thin. This is usually a sign that the cloud is going to be broken. This situation favors bulls.
Gold price remains in a bearish trend in the weekly chart, but we could see a bounce towards the area of $1,130-40 and still remain in bearish long-term mode. The tenkan-sen (red indicator) is flat and this could be an early bullish sign before a bounce. Bears need to be very cautious if the price breaks above $1,105.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Gold technical analysis for August 6, 2015 . Thanks for your support.
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