Ichimoku indicator analysis of gold for September 18, 2017

analytics59bf6d7239fdc.jpg

Gold price remains in a bearish short-term trend. The inability last week to break above the resistance at $1,335 and the rejection, confirmed that we are heading towards our next pull back target of $1,310-$1,280. My longer-term view remains bullish.

Black line – resistance

Black rectangle – horizontal resistance

Gold price is trading below the 4-hour Kumo. Price got rejected at the horizontal resistance last week. Short-term, resistance is now at $1,324 and next at $1,330-35. Trend is bearish in the short term as long as price is below $1,335. Gold is in a corrective phase.

analytics59bf6dceb48cb.png

Gold is moving slowly and steadily towards the daily kijun-sen as expected. We mentioned when price broke below the daily tenkan-sen (red line indicator) that we should expect a move towards the kijun-sen (yellow line indicator) as long as price is below the tenkan-sen. A break below the kijun-sen will open the way for a deeper correction towards cloud support. My longer-term view remains bullish and I continue to see this pullback as a buying opportunity.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of gold for September 18, 2017

About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*