Gold technical analysis for August 31, 2015

Gold price holds above the important short-term bullish trend support level of $1,115. The price bounced towards $1,138, but buyers were not strong enough. Medium-term trend remains bullish with next big resistance at $1,150.

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Gold price is above the 61.8% retracement, but below the Ichimoku cloud. Resistance is seen at $1,138-40. Breaking above this level will push the price towards $1,150. Bulls will need to break above the cloud resistance at $1,150.

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The weekly chart closed right on the tenkan-sen support level on Friday saving the day for bulls. Bulls gave a bullish signal as the bounce from the support area could push the price towards the recent top at $1,170. The level of $1,200 could be reached only if we break above $1,170. As long as the price is above $1,115, bulls will have the upper hand.

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

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