FX.co ★ Gold technical analysis for March 3, 2016

Gold price remains inside the triangle pattern as we showed in our previous analysis. Price needs to break above $1,248 in order to have a bullish signal. A bullish breakout is the most probable outcome, targeting $1,300-$1,350. Support is critical at $1,200-$1,210. As long as price is above it, trend will remain bullish.

Gold price has short-term resistance at $1,247 and short-term support at $1,220. Price is forming a triangle pattern. Price is also above the Ichimoku cloud. Triangle patterns are usually formed before the final move of the preceding trend. The preceding trend was bullish. So a final move up is expected.

Gold remains above the ichimoku cloud and the downward sloping wedge. Price is making a sideways consolidation in the form of a triangle. The base of the triangle is around 70$ so a breakout above the $1,250 upper triangle boundary should give a target around $1300-$1,320 at least.