Ichimoku cloud indicator analysis for Gold for January 31, 2019


Gold price has reached our upper target boundary of $1,320 and I prefer to be neutral at current levels as I now expect a pullback at least towards $1,300. Trend remains bullish.

Purple lines – bullish channel

Gold price remains in a bullish trend making higher highs and higher lows. Price is above the Ichimoku cloud and both the tenkan- and kijun-sen indicators. Short-term support is at $1,300. If we start a pullback soon then I expect prices to move towards that area. Channel and cloud support are found at $1,270. As long as we trade above this level bulls will remain in control of the trend. Concluding, although trend remains bullish and there is no sign of reversal, I prefer to take profits and be neutral at current levels. The chances of a pullback at least towards $1,300 are high.

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

Source:: Ichimoku cloud indicator analysis for Gold for January 31, 2019

Won't your trader friends like this?
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

Related Posts

Leave a Reply