Gold price made a confirmed weekly breakout on Friday holding the support of $1,140 after the back test of the breakout. The trend remains bullish and my short-term target remains at $1,200.
Gold price has broken above the short-term downward sloping red trend line trading above the Ichimoku cloud. Bulls are in control of the trend as the price is moving towards higher highs and higher lows. Important support is found at $1,140 and short-term support is seen at $1,152.
The weekly candles have broken above the triangle pattern and above the kijun-sen (yellow indicator). This is a bullish sign, which implies that the trend is bullish in the short-term and we are going to test the Ichimoku cloud that we found at $1,200.
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 October 12, 2015 . Thanks for your support.
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