InstaForex - Analytics


    736.75 6.25/10
    62% of positive reviews

    Gold technical analysis for October 5, 2015

    The gold price has finally bounced towards our minimum target of $1,140 as expected. The bounce came off the lower triangle boundary at $1,105. The price has stopped right under the triangle resistance and it implies that the sideways move will continue.


    Show full picture

    The gold price bounced off support at $1,105 and has reached the Ichimoku cloud and upper triangle boundary resistance. The fact that the gold price has stopped in this area is not a good sign for bulls as the price can very easily turn lower if it gets rejected at this resistance.


    Show full picture

    Black lines - triangle pattern

    The weekly candle has changed a lot on Friday and it happened mainly because of the Non-Farm Payrolls number announced and the support of the lower triangle boundary. The price remains trapped between the tenkan- and kijun-sen indicators and inside the triangle. We are waiting for a breakout signal.

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree