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Technical analysis of Gold for July 5, 2016

Gold price is pulling back after testing the post-Brexit high of $1,360. I continue to expect a higher high for Gold price near $1,400. The trend remains bullish.

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Gold price pulled back towards the 38% Fibonacci retracement as this is a justified pullback. The price is trading above the 4-hour Kumo and the 4-hour kijun-sen (yellow line indicator). The trend is bullish. Next support is at $1,335, and resistance remains at $1,360. New highs are expected.

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The weekly chart above shows how the price reached the upper red trend line resistance of the possible expanding triangle scenario. If this scenario comes true we should see a pullback towards $1,200 for the final part of the triangle. Longer-term view remains bullish as price is trading above weekly Kumo.



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