Ichimoku cloud indicator analysis of gold for December 19, 2017

analytics5a38c4f20f9f4.png

Gold price continues to make higher highs in the short-term as yesterday price broke above $1,262 to a marginal new high at $1,264. Short-term trend is bullish and changes only if price breaks below $1,255.

Red lines – wedge pattern

Gold price is trading above the 4-hour Kumo (cloud). Support is at $1,257. Wedge support is at $1,261. Resistance is at $1,265-66. I do not believe Gold price has much more upside. I expect Gold to reverse lower soon.

analytics5a38c56d0d5d7.png

Blue line – resistance trend line

Gold price is trading above the weekly Kumo (cloud) and has bounced off of it as expected. Gold price is however below both the tenkan- and the kijun-sen. As long as price is below these two indicators and the blue trend line, I will be expecting price to move towards $1,200-$1,220 for a final new low.

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

Source:: Ichimoku cloud indicator analysis of gold for December 19, 2017

Won't your trader friends like this?
InstaForex
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

*