FX.co ★ Technical analysis of Gold for July 5, 2016

Gold price is pulling back after testing the post-Brexit high of $1,360. I continue to expect a higher high for Gold price near $1,400. The trend remains bullish.

Gold price pulled back towards the 38% Fibonacci retracement as this is a justified pullback. The price is trading above the 4-hour Kumo and the 4-hour kijun-sen (yellow line indicator). The trend is bullish. Next support is at $1,335, and resistance remains at $1,360. New highs are expected.

The weekly chart above shows how the price reached the upper red trend line resistance of the possible expanding triangle scenario. If this scenario comes true we should see a pullback towards $1,200 for the final part of the triangle. Longer-term view remains bullish as price is trading above weekly Kumo.