Ichimoku indicator analysis of gold for November 29, 2017

Gold price remains near the highs of the trading range it has been trapped in for the past few sessions. Trend remains bullish but with a weak momentum. Price is hovering above support levels and could continue higher towards $1,310. However I believe the downside for Gold is not over.

Blue lines – bullish channel

Black line – trend line support

Gold price is in a bullish short-term trend. Support is at $1,290 and most important support is at $1,281. Resistance is at $1,300 and next at $1,310. I do not believe the upside in Gold has much more potential.

On a daily basis, Gold price has entered the Ichimoku cloud. Price could now move towards the upper cloud boundary at $1,310. However, this cloud could also be seen as resistance. So any rejection and a break below $1,280 on a daily close will strengthen my bearish short-term view for $1,250. I remain longer-term bullish but I believe bulls will get a better chance to buy lower.The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku indicator analysis of gold for November 29, 2017