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Ichimoku Indicator

29.06.201709:12 Forex Analysis & Reviews: Ichimoku indicator analysis of gold for June 29, 2017

Long-term review

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Gold price remains below the $1,260 level. As long as the 4-hour chart is below this level we are in danger of a rejection and push lower towards $1,230. Bulls need to break resistance soon and make a move towards $1,280-90.

Red line - resistance

The gold price has entered the 4-hour Kumo. The trend is neutral. However, bulls need to break above $1,260 in order for the short-term trend to change to bullish. Support is at $1,250. Breaking it will open the way for a move towards $1,239 and lower.

The Daily candle remains above the Kumo. This continues to keep bull's hopes alive. However, it will need to start rising soon or we may see the cloud crack and break. The trend is fragile as the cloud is thin. So bulls need to step in now. I remain longer-term bullish Gold but I could not ignore the chances of a move back towards $1,200.

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