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Ichimoku Indicator

21.11.201709:32 Forex Analysis & Reviews: Ichimoku indicator analysis of gold for November 21, 2017

Long-term review

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Gold price as expected got rejected at the upper trading range boundary and fell back towards cloud support. Short-term support at $1,277 was broken but not the important $1,272 one. Trend remains neutral. Gold price could continue lower towards $1,272 and as long as it closes above it, we could see $1,300.

Blue lines - trading range

Gold price is moving inside a trading range with a positive slope. However the entire price formation is corrective and not impulsive, implying that eventually we should expect price break below support and make a new low towards $1,250-$1,210 area.

Blue line- long-term support

Magenta line- long-term resistance

Green rectangle - short-term target area for major reversal

Gold price got rejected at the daily Kumo (cloud) yesterday and price fell below the tenkan-sen. This is a bearish sign. As long as price is above short-term important $1,272 support, we could even see a bounce towards $1,300 or at least a test of the daily cloud at $1,291. However if price breaks support, we should expect a sharp move towards $1,250.

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