You are here: Home > articles > Commodities > Ichimoku indicator analysis of gold for April 12, 2017
Ichimoku indicator analysis of gold for April 12, 2017
April 12, 2017 7:22 amVideo
Latest News
- GBP/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- EUR/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- GBP/USD: trading plan for the US session on April 22nd (analysis of morning deals). The pound continues to fall April 22, 2024
- EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within April 22, 2024
- EUR/USD. April 22nd. Christine Lagarde’s speech will set the tone for the week April 22, 2024
- Technical Analysis – EURGBP brings bullish scenario back to the table April 22, 2024
- GBP/USD. April 22nd. The bulls continue to retreat April 22, 2024
- Can Australian CPI data lift the struggling aussie? – Preview April 22, 2024
- Meta reports Q1 earnings after new AI model – Stock markets April 22, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US dollar index on April 22, 2024
- Technical Analysis – GBPUSD tumbles to 5-month low April 22, 2024
- Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 22nd April 22, 2024
- Video market update for April 22, 2024 April 22, 2024
- Weekly Technical Outlook: 22/04/2024 – Dollar index, USDJPY, EURUSD April 22, 2024
- Market Comment – Risk appetite returns as geopolitical fears calm April 22, 2024
- Weekly Technical Outlook – Dollar index, USDJPY, EURUSD April 22, 2024
- Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga April 22, 2024
- USD/JPY: trading tips for beginners for European session on April 22 April 22, 2024
- Technical Analysis – EURUSD consolidates after decline pauses April 22, 2024
- GBP/USD: trading tips for beginners for European session on April 22 April 22, 2024
Gold price held support and broke out to new highs towards $1,280 yesterday. The $1,280 level is at the lower boundary of our larger target area from $1,122. Our target area remains at $1,280-$1,320 and I believe we can reach the upper boundary.
Red rectangle – support area
Gold price is trading above the Ichimoku cloud. There are several warning short-term bearish signals that imply a correction towards $1,260 is justified for the next couple of trading sessions. So I would not be a buyer here but wait for a pullback first. The important support lies at $1,235-45 area but it is not necessary to see such a deep pullback.
Red line – resistance
Blue line -support
Black line – resistance trend line
Gold price is breaking above the horizontal trend line resistance and previous highs. This is a bullish indication. I expect gold price to reach the long-term downward sloping black trend line at $1,300-$1,310. Then I would take profits as a strong pullback even towards $1,220-$1,200 would be justified. My longer-term view remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: