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Ichimoku indicator analysis of gold for February 19, 2016

Gold price broke out and above the short-term triangle pattern yesterday, then it moved towards our first target around $1,230-40 and reversed. If the price breaks below $1,200, we should expect price to move towards $1,150-60.

analytics56c6cd657ad2d.jpg

Black lines - broken triangle pattern

Gold price is above the Tenkan- and Kijun-Sen indicators but inside the Kumo (Cloud). Support is at the base of the triangle pattern at $1,200. Resistance is at last night highs. If the highs are taken out, we should expect the price to move towards $1,260-90.

analytics56c6cdf585c72.jpg

Red lines - downward sloping wedge

Gold has broken above the downward sloping wedge and the Ichimoku cloud. This week we witnessed a back test of this breakout. The key weekly support is at $1,190-1,200 levels. The price tested support once again and bounced towards previous highs. Oscillators are still not at overbought levels so we could expect more upside.

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