For Traders

Analytical Reviews

Ichimoku Indicator

07.09.201809:10 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of Gold for September 7, 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 tried to make a breakout yesterday above $1,208 but price got rejected and pushed back towards $1,200. Gold price after making a high last week at $1,214 continues to make lower highs defining a clear downward sloping trend line resistance. For $1,220 to be achieved Gold bulls will need to break above this level which is currently at $1,206.

Blue line - resistance

Gold price is below the Daily Kumo (cloud). Trend is clearly bearish. Gold price is trying to break the blue resistance trend line and the tenkan-sen (Red line indicator). The current move in Gold looks more like a consolidation before another leg down rather than the start of a new up trend. Even if Gold reaches $1,220 which is our bounce target, bulls need to be very cautious as we might need another final leg down to complete the entire decline from $1,365.

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.