InstaForex - Analytics

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Gold technical analysis for March 4, 2016 2016-03-04

Gold price has broken out of the triangle as we expected and is in its final upward move. The reversal will be confirmed on a break below $1,224 and with targets around $1,150-$1,100. The upside target remains around $1,300.

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Blue line - support trend line

Gold price has broken above the triangle pattern yesterday and is heading towards new highs. The triangle pattern target is at $1,300-$1,320 but bulls should be very cautious as this is expected to be the last leg up. Supportis at $1,250 and trend changes at $1,224 if broken downwards.

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