Technical Analysis Gold Price Forecast Gold Rises Ahead of U.S. Inflation Data - 13 October 2017 Gold Rises Ahead of U.S. Inflation Data - 13 October 2017 Friday, 13 October 2017 7:15 Share 0 Tweet 0 Pin it 0 +1 By: DailyForex.com Gold prices ended Thursday slightly higher after a quiet session. XAU/USD reached the $1298-$1296 area as expected but was unable to break through. Consequently, prices retreated to Ichimoku cloud on the 4-hour chart before finding support. It seems that the market intend to retest the resistance in the $1298-$1296 zone again today. XAU/USD is trading above the Ichimoku cloud on the 4-hour chart, and the Tenkan-sen (nine-period moving average, red line) and the Kijun-sen (twenty six-period moving average, green line) are positively aligned. The short-term charts suggest that a test of 1302 is likely if XAU/USD is able to climb and hold above the 1298/6 area. A weekly close beyond 1302 implies that the market is on its way to 1312-1309. To the downside, the initial support stands at 1289 followed by 1285/4. The bears will need to clear the support in the 1285/4 area in order to take the reins and test 1281/79. A break down below 1279, the daily Tenkan-sen, indicates that the market will be targeting the 1272 level. Currency Pairs Gold Alp Kocak Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.