logo

FX.co ★ Technical analysis of Gold for September 26, 2016

Technical analysis of Gold for September 26, 2016

Gold price has made a new short-term lower low at $1,333 and a lower high at $1,341. Price remains above $1,330 the consolidation range before the high at $1,344. On a medium-term trend basis trend remains neutral as price is still trapped inside the trading range.

Technical analysis of Gold for September 26, 2016

Red line - short-term resistance

Green line -short-term support

Price is trading in a trading range both on a short- and medium-term basis. In the short-term 1 hour chart as shown above, price is trapped between $1,330 and $1,340. A break of either of these two levels will begin a new short-term trend that could either challenge $1,344 or $1,316-20.

Technical analysis of Gold for September 26, 2016

Red lines - trading range

Price is found on the daily chart inside the Kumo (cloud) implying trend is neutral. This is confirmed by the fact that price is also inside the red sideways channel for the last couple of months. Price got rejected at the upper cloud boundary. Important resistance is at $1,352 while support is at $1,300. I remain longer-term bullish but a rejection and a new lower low here will most probably bring price back to $1,300.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account