For Traders

Analytical Reviews

Ichimoku Indicator

13.07.202007:49 Forex Analysis & Reviews: Short-term Ichimoku cloud indicator analysis of Gold

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.

In our last analysis we noted that although Gold was still in a bullish trend, price was justified to make a short-term pull back towards $1,785. Price pulled back on Friday towards our target but only managed to reach $1,793.

Gold price remains in a bullish trend. Price has tested the kijun-sen (yellow line indicator) and has held above it. Now price is breaking above the tenkan-sen (red line indicator) once again and this could provide a new higher high above $1,817. Support is found at $1,793 and as long as we trade above that level we remain short-term bullish looking for a new higher high. If support fails to hold then we expect price to reach and test the Kumo (cloud) around $1,780.

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.