Ichimoku indicator analysis of gold for June 28, 2017

Gold price might have made an important low last week and needs to hold above it. Next sign of strength will be to break above $1,260 and the most important resistance for bulls to break, will be the $1,300 area of the previous double top.

Red line – short-term resistance trend line

Gold price is still trading below the Ichimoku cloud in the 4 hour chart. Price holds above the 61.8% Fibonacci retracement and it shows signs of a possible bullish reversal from current levels. Short-term resistance at $1,260. Support at $1,235.

On a daily basis Gold price is holding above the Kumo and this is a bullish sign. The RSI (5) is also turning upwards which is a bullish sign. Next important daily resistance is at $1,266. If broken we will test the double top at $1,290-$1,300. If however break below the cloud, we should expect $1,200 to be tested. I remain longer-term bullish.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of gold for June 28, 2017