03.11.201709:51 Forex Analysis & Reviews: Ichimoku indicator analysis of gold for November 3, 2017

Long-term review

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The Gold price has entered the Ichimoku cloud but is unable to clearly break above $1,283. The price got rejected at the resistance of $1,283 and is still in danger of moving towards $1,250-45.

Blue line - resistance (broken)

Red line - support

The Gold price has entered the Ichimoku cloud. The trend is neutral. Short-term resistance remains at $1,283-84. Support is at $1,267. Breaking support will push the price towards $1,260-55. Breaking resistance will push the price towards $1,300-$1,310.

The Gold daily candle price is trading above the tenkan-sen (red line indicator). However, this is not enough for the bulls to be in control. The trend remains bearish on the daily chart. Resistance is at the kijun-sen (yellow line indicator) at $1,283. Next resistance is at the Kumo at $1,296. I remain longer-term bullish.

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