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29.07.202016:44 Forex Analysis & Reviews: Short-term Ichimoku cloud indicator analysis of Gold

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Gold price is in a bullish trend. Price has risen in a parabolic pattern over the last few days making new all time highs above $1,900. Our targets of $1,930 and $1,964 have been met. Our next target is $2,010. However Gold price is showing signs of a possible pull back.

Exchange Rates 29.07.2020 analysis

Using the Ichimoku cloud indicator we are going to identify the price levels that if broken will signal that a pull back is coming. As you can see the price remains above the tenkan-sen (red line indicator). Breaking below it ($1,934) will be the first weakness sign. The next support and key level is shown by the kijun-sen (yellow line indicator) at $1,925. A 4 hour close below that level will open the way for a bigger pull back towards the cloud body (Kumo). Depending on time, the pull back should push inside the $1,850-$1,900 range. We will know more when we see the break of support. Until then we remain short-term bullish looking for $2,010.

Alexandros Yfantis
Analytical expert of InstaForex
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