InstaForex - Analytics

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    Technical analysis of Gold for June 16, 2016

    Gold price exploded to new highs above $1,300 following the FOMC. The trend remains bullish as support levels were held yesterday. Despite the warning signals that oscillators were giving, the pullback we expected did not happen. Instead, prices moved strongly upwards.

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    Red lines - higher lows

    Gold price continues moving higher above $1,300 inside the bullish channel and it is still above the tenkan- and kijun-sen indicators. The price is making higher highs and higher lows. The larger trend remains bullish but bulls should continue raising their stops.

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