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27.12.201700:10 Forex Analysis & Reviews: Technical analysis of gold for December 27, 2017

Long-term review

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The Gold price remains in a bullish trend having exceeded my bounce area target and moved on to the next resistance area of $1,280-$1,284. The price is above the Ichimoku cloud and has already broken the trend line resistance and is now above.

Blue line - resistance

The price is trading below the daily Kumo (cloud). A rejection here would be a bearish sign and I would at least expect Gold to reach $1,256-$1,250. Resistance is at the lower cloud boundary at $1,284.

The Gold, as expected, has bounced strongly off the weekly Kumo (cloud) support. Price is trying to break above the weekly kijun-sen (yellow line indicator) and has already broken the blue trend line. I remain bearish Gold but have to admit I did not expect such a big bounce. The chances now for a new low below $1,237 have decreased.

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