For Traders

Analytical Reviews

Ichimoku Indicator

13.05.202215:07 Forex Analysis & Reviews: Gold challenges major support

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 has reached our second target of $1,825 and is now trading around $1,810. Trend remains bearish. Price is trading slightly below the major weekly trend line support. Bulls need to step in and push price higher. If price bounces from current levels, then we have confirmation that this is a support area. Also using the Ichimoku cloud indicator we get similar conclusions.

In Ichimoku cloud terms, Gold price is challenging the weekly Kumo (cloud). Trend is bearish in the short-term but price has now reached important cloud support. Will price respect the cloud support? We are currently at a price level where a bounce is justified. Traders need to be cautious.

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.