Gold price reached our target at the upper channel boundary and reversed. A trend however remains bullish and there are still chances of a move even higher towards $1,150.
Gold price reached the upper channel boundary. The target is achieved. The price remains above the cloud heading towards the important resistance of the 61.80% Fibonacci retracement of a decline from $1,190. Support is found at $1,105-$1,110.
Gold price is still inside the long-term downward sloping wedge and below the Ichimoku cloud. The long-term trend remains bearish. The price broke above the weekly kijun-sen (yellow line indicator) and got rejected. This is normal as this is very important resistance. A weekly closure above the kijun-sen will be a very bullish sign. A rejection here could mean a pull back is coming towards $1,090.
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 January 28, 2016 . Thanks for your support.
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