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Gold prices pulled back yesterday towards $1,070 as we had expected. Now I expect gold prices to bounce towards new highs near $1,100 in the short term.
Gold prices are above the Ichimoku cloud pulling back to test it after the upward breakout. Holding above the cloud and the kijun-sen (yellow indicator) in the 4-hour chart is a bullish sign. Breaking below it will not be good for bulls. Support is found at $1,070-68. Resistance is seen at $1,090.The weekly candles of gold prices remain below the weekly Ichimoku cloud and inside the downward sloping wedge. This implies a long-term trend remains bearish. However, stochastics are oversold and with prices at the lower boundary of the wedge, there is a strong probability of a bounce rather than a resumption of the downtrend.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.