FX.co ★ Technical analysis of gold for January 9, 2018

Gold price is consolidating and moving sideways in the short-term. Price has formed a triangle pattern. Triangles are usually found at the last stages of a trend, so we could see a final break out towards $1,330-40 before the reversal.

Blue lines - triangle pattern

Gold price remains inside the bullish channel while moving sideways in a triangle pattern. Support is at $1,316 and resistance lies at $1,322. A break above resistance could push the price to $1,330. A break below support will signal the start of the correction phase of at least the upward move from December lows.

Gold price has broken out of the Ichimoku cloud. The trend is bearish. But it is time for at least a pull back towards cloud support at $1,280. This is not the time be long on gold but look for bearish reversal confirmation.