21.12.201709:56 Forex Analysis & Reviews: Ichimoku cloud indicator analysis of gold for December 21, 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 has reached the upper area of my resistance at $1,268 and got rejected as it sharply reversed back towards $1,265. Short-term trend remains bullish as price is making higher highs and higher lows but the wedge pattern formation implies that we should soon see a strong pull back at least towards $1,250.

Blue lines - bearish wedge pattern

Gold price has broken out and above the Ichimoku cloud. A back test of the broken cloud resistance should now follow. Thus a pull back towards $1,255 cloud support is my minimum expectation. Resistance is at $1,270. Support is at $1,255-50 and next at $1,220-$1,200.

On a daily basis Gold price has hit the daily Kijun-sen (yellow line indicator). Price is showing rejection signs. Daily support is at $1,250. Daily trend remains bearish as price is still below the daily Kumo (cloud). Next important resistance on a daily basis is at $1,280. I remain bearish short-term.

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.