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Ichimoku Indicator

18.01.201809:45 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of gold for January 18, 2018

Long-term review

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The Gold price is making lower lows but Ichimoku cloud trend remains bullish as price remains above the 4hour cloud. Key technical and cloud support remains at $1,309 and as long as we are above it, the trend remains bullish.

Red lines - bearish divergence signs

Green line - support trend line

Short-term support is at $1,319 at the upper cloud boundary. Short-term resistance is at $1,333 where we find the tenkan- and kijun-sen. Price has broken below the two indicators and this is a first warning sign.

Magenta line - resistance

Blue line - long-term support

We warned that there are many chances of a rejection of the magenta trend line resistance. Gold price could pull back towards the weekly kijun-sen support (yellow line indicator) at $1,297. A weekly close below that level will push price towards the weekly cloud at $1,250.

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