InstaForex - Analytics

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Gold technical analysis for June 26, 2015

Gold continues to trade within the larger triangle pattern. The trend is bearish. We could see a short-term bounce towards $1,180 or even $1,190 if support at $1,170 holds. My longer-term view remains bearish.

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Blue lines - triangle boundaries

Gold is below the Ichimoku cloud and above the triangle lower boundary. There are increased chances of a bounce from current levels. Resistance is at the 38% and 61.8% retracement levels. Breaking below $1,170 will imply bulls are very weak as they cannot retrace even towards the 38% level.

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