Technical analysis of Gold for October 3, 2018
Gold price broke above the short- and long-term bearish channels. Price is back above $1,200. As long as we trade above $1,190, I expect Gold to move higher towards $1,220-30 area.
Green lines – long-term bearish channel
Red lines – short-term bearish channel
Gold price is trading around $1,203. Gold bulls will need to break above the next resistance at $1,211 in order to continue higher towards $1,220-30 area. Gold price breaking above the bearish channels is a positive sign. A rejection at current levels and a push below $1,200 will not be a positive sign.
The move towards $1,180 was most probably a fake break down. This will be confirmed on a break above $1,211.