09.08.201700:54 Forex Analysis & Reviews: Ichimoku indicator analysis of gold for August 9, 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 very close to our minimum pull back to target and daily Kumo (cloud) support at $1,250 as expected and is bouncing. Price remains trapped inside the short-term bearish channel and short term trend remains neutral or slightly bearish. The longer-term view remains bullish.

Red lines - bearish channel

Gold price is trading inside the Kumo. The trend is neutral. Short-term support is at $1,249 (38% Fibonacci retracement). Resistance is at $1,257.

On a daily basis, we have seen price back test the broken daily cloud. Price is now bouncing but is below the tenkan-sen. However, I believe we could still see a move lower to re-test the cloud before the next upwards move. A break above $1,273 will cancel any move lower.

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.