For Traders

Analytical Reviews

Ichimoku Indicator

29.07.202016:44 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.

Gold price is in a bullish trend. Price has risen in a parabolic pattern over the last few days making new all time highs above $1,900. Our targets of $1,930 and $1,964 have been met. Our next target is $2,010. However Gold price is showing signs of a possible pull back.

Using the Ichimoku cloud indicator we are going to identify the price levels that if broken will signal that a pull back is coming. As you can see the price remains above the tenkan-sen (red line indicator). Breaking below it ($1,934) will be the first weakness sign. The next support and key level is shown by the kijun-sen (yellow line indicator) at $1,925. A 4 hour close below that level will open the way for a bigger pull back towards the cloud body (Kumo). Depending on time, the pull back should push inside the $1,850-$1,900 range. We will know more when we see the break of support. Until then we remain short-term bullish looking for $2,010.

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.