For Traders

Analytical Reviews

Ichimoku Indicator

14.09.201708:54 Forex Analysis & Reviews: Ichimoku indicator analysis of gold for September 14, 2017

Long-term review

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 is pulling back as we expected. We warned that there were overbought signs and that Gold price would need a pull back towards $1,330-$1,320. This pull back could extend towards $1,300, however our longer-term view remains bullish and we see this as a buying opportunity.

Black line - trend change level

Gold price is breaking below the 4-hour Kumo support. This implies that more downside should be expected. Gold price could extend the decline lower for an equal leg down similar to the first part of the decline. The target would be at $1,302. However we should also keep an eye on the resistance and trend change level at $1,334. Breaking above it will confirm the pull back is over.

On a daily basis the close below the tenkan-sen (red line indicator) implies that the kijun-sen (yellow line indicator) will be tested. Trend remains bullish. Price should continue towards $1,380-$1,400 once the pull back is over. Kijun-sen support is at $1,308.

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.