02 Maret 2016 2:37 PM
Gold price remains inside the triangle pattern and is now testing the lower boundary of the triangle. This is the time for short-term traders to go long with stops at $1,210. A target is the upper triangle boundary at least, if not $1,300 after a breakout.
Green lines - triangle pattern
Gold price is testing the lower triangle boundary and the Kumo (cloud) support. This triangle pattern is expected to break to the upside and give a final upward move towards $1,300-$1,350. If this triangle breaks downwards we should look to see how price reacts at $1,210-$1,200 support area. If this area is broken, we should expect price to move towards $1,150 at least.
The weekly chart shows nothing different. Support is critical for the up trend at $1,200-$1,210. Losing it will most probably push price inside the Kumo towards the tenkan- and kijun-sen at $1,160.
The material has been provided by InstaForex Company - www.instaforex.com
