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Gold technical analysis for March 1, 2016

Gold price remains inside a bigger triangle pattern and bulls are still in control of the trend as long as price is above $1,200-$1,210. If price breaks this level, then we should expect price to move towards $1,150-$1,100.

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Green lines - triangle pattern

Gold price is above the Ichimoku cloud and inside the triangle pattern. Resistance is at $1,250. Support is at $1,210. This pattern is usually found before the last part of the dominant trend. The trend so far has been bullish. This triangle is the last consolidation before the last leg up towards $1,300 in my opinion.

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Nothing new for the weekly chart. Price should move to new highs towards $1,300 and provide some bearish divergence before we turn downwards below $1,200. For now price confirms the bullish breakout above the long-term resistance levels.The material has been provided by InstaForex Company - www.instaforex.com