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Ichimoku Indicator

12.12.201918:17 Forex Analysis & Reviews: Ichimoku cloud indicator short-term analysis of Gold for December 12, 2019

Long-term review

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Gold price bounced towards the major resistance of $1,490-$1,500 today and got rejected once again. Price reached $1,486 and made a higher high relative to last week, but bulls were unable to hold it and price has pulled back $20 since that high.

Price is trapped between the kijun- and tenkan-sen indicators. The tenkan-sen resistance is at $1,481 while the kijun-sen is at $1,444. Breaking either level will bring a big increase in volatility. If support at $1,450-44 fails to hold I expect Gold price to move towards $1,410 fast. If resistance at $1,485-90 is broken I expect Gold price to recapture $1,500 and start its next leg higher.

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