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Gold price pulled back towards $1,066 yesterday as we expected in order to test the short-term Ichimoku cloud support. Only a breakout above $1,084 can give a bullish signal with $1,120 acting as a target.
Blue line -supportBlack line - resistance
Green line - projection
Gold price is still above the short-term Ichimoku cloud that is now support at $1,060-66. Stochastic is oversold in the short-term. Resistance is seen at $1,083-84. Breaking above it will open the way for the next leg up towards $1,120.
The weekly chart shows us that the price is testing the resistance of $1,075-80. This resistance is the previously broken support. Breaking above this resistance will open the way to $1,120, which is highly probable in my opinion. We could clearly see a new lower low first, but the downtrend will be short-lived. A bounce will come for sure, we are currently in a bottoming process.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.