FX.co ★ Technical analysis of Gold for July 11, 2016

Gold price made some extreme movements on Friday after the announcement of the NFP numbers. Price held support even in the 4-hour chart and reversed higher but was unable to make a new high. A longer-term trend remains bullish.

Gold price made a spike towards $1,330 on Friday and touched the upper cloud boundary in the 4-hour chart. Price remains within the boundaries of the bullish channel and the trend remains bullish for the medium-term. A double top at $1,375 could be a reversal sign that will be strengthened if the price breaks below $1,350.

The bearish scenario of a broadening triangle pattern is still in play as long as price does not break above the upper triangle boundary. Friday's spike tested the weekly tenkan-sen (red line indicator) and bounced. This is a bullish sign however we should not rule out another deep correction towards $1,300 before Gold breaks above $1,400. I remain longer-term bullish.