For Traders

Analytical Reviews

Ichimoku Indicator

19.12.201709:54 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of gold for December 19, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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.

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.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.