empty
 
 
06.08.2015 09:47 AM
Gold technical analysis for August 6, 2015

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.

This image is no longer relevant

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.

This image is no longer relevant

Blue line - trend line support broken

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.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback