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Ichimoku Indicator

18.12.201709:56 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of gold for December 18, 2017

Long-term review

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Gold price got rejected at the cloud resistance on Friday but remains above short-term support. Short-term trend is neutral as price is inside the 4-hour Kumo (cloud).

Short-term support is at $1,250. Resistance is at $1,266 (upper cloud boundary). I expect Gold price to move lower towards $1,220-$1,200 once we break below $1,250. I currently am neutral positioned.

Gold price is bouncing off the weekly cloud support. This is good news for bulls. Weekly resistance is at $1,267 and next at $1,282. Trend is bullish as price is above the Kumo, but technically price is making lower lows and lower highs. Bulls are not out of danger yet.

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