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Ichimoku Indicator

13.08.201800:04 Forex Analysis & Reviews: Ichimoku cloud indicator analysis on Gold for August 13, 2018

Long-term review

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The Gold price remains in a bearish trend. Price has been recently consolidating between $1,205 and $1,217. Gold price remains below the tenkan-sen implying that short-term trend remains bearish. Gold price next lower target area is at $1,180 although we prefer to be neutral waiting for a bullish signal rather than chase the bearish scenario.

Black lines - downward sloping wedge pattern

The Gold price has short-term resistance at $1,217 and support at $1,205. Breaking below support will open the way for a move towards $1,193 and next at $1,180. Breaking above resistance should push the price higher towards $1,232 where we find the Daily kijun-sen. Major daily resistance is found at $1,262. A move towards $1,260 is expected once we break above $1,225.

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