InstaForex - Analytics

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Gold technical analysis for March 1, 2016 2016-03-01

Gold price remains inside a bigger triangle pattern and bulls are still in control of the trend as long as price is above $1,200-$1,210. If price breaks this level, then we should expect price to move towards $1,150-$1,100.

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Green lines - triangle pattern

Gold price is above the Ichimoku cloud and inside the triangle pattern. Resistance is at $1,250. Support is at $1,210. This pattern is usually found before the last part of the dominant trend. The trend so far has been bullish. This triangle is the last consolidation before the last leg up towards $1,300 in my opinion.

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