Gold price has see a lot of volatility yesterday and despite briefly breaking below support at $1,185, bulls managed to push the precious metal back above $1,200 today. Price remains in a trading range. A trend is neutral.
Red line = resistance
Blue line = support.
Gold price remains in a neutral trend. Support is at $1,185. Resistance is at $1,215-20. If either level is broken, then we could have a new short-term trend start towards $1,140 or $1,240. Price is also inside the Ichimoku cloud in the short-term chart, so this is another indicator that confirms that a trend is neutral.
Blue lines = price channel
In the daily chart as shown above, Gold price is trying once again to break above the Ichimoku cloud. Additionaly, Gold price is trading inside an upward sloping channel. Bulls have the upper hand on a daily basis as long as Gold price is above $1,180. As long as Gold price is above $1,180, we could see price toreach the upper channel boundaries again towards $1,255-60.
The material has been provided by InstaForex Company - www.instaforex.com
