FX.co ★ Gold technical analysis for August 6, 2015

Gold price remains inside a triangle pattern. TThe tend is neutral. Best strategy is to wait for a breakout of the triangle before choosing a side. Other strategy is to buy near support and sell near resistance.

Blue line - trend line resistance

Green lines - triangle pattern

Gold price remains below the Ichimoku cloud. It is inside a trading range between resistance at $1,105 and support at $1,077. The Ichimoku cloud is getting very thin. This is usually a sign that the cloud is going to be broken. This situation favors bulls.

Gold price remains in a bearish trend in the weekly chart, but we could see a bounce towards the area of $1,130-40 and still remain in bearish long-term mode. The tenkan-sen (red indicator) is flat and this could be an early bullish sign before a bounce. Bears need to be very cautious if the price breaks above $1,105.