Since the beginning of January 2016 GOLD has moved in uptrend. During this, downtrend line was crashed (that line lasted since mid-2013). At the beginning of March rebound has occurred and it is continuing at present. Characteristic flag pattern occurred at chart and it is directed opposite to previous upward trend. This formation means that price should continue uptrend after break above upper limit of the flag pattern.
However because current correction didn’t reached even to Fibonacci 38.2% bears should attack one more time. After that price should continue its previous upward movement. Declines may reach 1190 – 1180 area. In this area, strong support is strengthened by Fibonacci 38.2% and previously crashed downtrend line. Nearest supports: 1210, 1190-1180. Nearest resistances: 1243, 1280.
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Time-frame H4
Time-frame D1
