Ichimoku indicator analysis of gold for November 17, 2017

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Gold price continues to trade sideways. Trend remains neutral as Gold price is moving above and below the Ichimoku cloud in an overlapping structure. Gold price is vulnerable to the downside but I remain longer-term bullish.

Blue lines – sideways channel

Gold price is above the Ichimoku cloud. However this does not give us a clear signal because price is moving sideways and is trapped in a trading range. Support is at $1,276. Breaking below this support level will open the way for a move below $1,262. Resistance is at $1,288-89. Breaking above that level will push price towards $1,300-$1,305.

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Red line – resistance

Blue line – support

Magenta line -long-term resistance

Gold price is moving sideways since late October. Both tenkan- and kijun-sen are moving horizontally and this portrays the neutral trend very clearly. I can see Gold falling towards the green rectangle area of $1,250-45 before resuming the uptrend. Longer-term view remains bullish.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of gold for November 17, 2017

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