For Traders

Analytical Reviews

Ichimoku Indicator

06.09.201809:05 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of Gold for September 6, 2018

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 remains below $1,200. Gold price is in a corrective phase and will most probably exhaust any upside move towards $1,220-$1,230. This upward move could start from current levels but could start from $1,180 area. Key to confirm the start of this upward bounce is the break above the short-term resistance of $1,202. As long as Gold is below this level we should expect price to continue lower.

Blue lines - expected price path

Gold is expected to bounce towards the Kumo (cloud) resistance around $1,220-$1,230. A rejection at the cloud will most probably mean that Gold's downtrend is not over and we should expect a new lower low towards $1,140-$1,110. Gold is now struggling around the kijun- and tenkan-sen indicators confirming the indecisiveness and corrective nature of current price action. The only confirmed stop for bulls should be the August lows, while bears should wait for price to reach resistance in order to short it.

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.