FX.co ★ Technical analysis of Gold for August 2, 2016

Gold price is consolidating near its recent highs around $1,350. Short-term support is held and the trend is bullish as long as price is above $1,345. A new high is not ruled out as long as price is holding above $1,345-50. However I believe it is more probable to see a bearish reversal.

Red line - support

Gold price is trading above the Kumo (cloud) and above the red trend line support. Short-term resistance is at $1,355 and if broken we should expect the $1,375 high to be challenged. On the other hand if price breaks below short-term support at $1,345 my bearish scenario will be valid.

The daily chart shows price remains above the Kumo (cloud) and above both the tenkan- and kijun-sen indicators. Daily support is at $1,330 and a daily close below it will open the way for a test of the cloud at $1,300 and the bullish channel.