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    Technical analysis of Gold for June 7, 2016 2016-06-07

    Gold is consolidating sideways and may be forming a bullish flag pattern. The price has stopped its rise right under the daily Ichimoku cloud resistance. I believe a major low is in place, and a new uptrend has started.

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    This is a promising bullish flag pattern. If the price breaks above $1,248, we might see another explosive upward move towards $1,300. If support at $1,239 fails to hold, we should expect the price to pull back towards the 61.8% Fibonacci retracement of the rise near $1,223.

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