Technical analysis of Gold for October 15, 2018

Gold price remains in a short-term bullish trend. After the break out above the trading range its been in for the last couple of months, Gold price consolidated above $1,215 and is now trying to break to new short-term highs.

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Green lines - long-term bearish channel

Red lines - trading range

Blue lines - projected target of equal legs

Gold price should at least reach $1,240. This is our minimum target in order for this second leg higher to be equal to the first one. Support remains at $1,211-12 the break out level. Bulls do not want to see prices fall below that level. Resistance is at $1,226.30 last weeks highs and a break above it is expected this week.

The material has been provided by InstaForex Company - www.instaforex.com