Ichimoku indicator analysis of gold for June 23, 2017
June 23, 2017 6:49 amVideo
Latest News
- Technical analysis of EUR/USD for August 09, 2023 August 9, 2023
- Technical analysis of GBP/USD for August 09, 2023 August 9, 2023
- August 9, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective. August 9, 2023
- August 9, 2023 : EUR/USD Intraday technical analysis and trading plan. August 9, 2023
- August 9, 2023 : GBP/USD Intraday technical analysis and significant key-levels. August 9, 2023
- Is it time for the euro to sound the alarm? August 9, 2023
- Analysis of GBP/USD on August 9th. Pressure on the dollar may intensify if inflation in the US turns out to be below 3.3% August 9, 2023
- GBP/USD. Calm before the storm: the pair will soon be in a zone of price turbulence August 9, 2023
- Analysis of EUR/USD on August 9th. The market has moved sideways August 9, 2023
- Tips for trading EUR/AUD August 9, 2023
- USD/JPY exhibits consistent bullish trend August 9, 2023
- Technical analysis on SPX for August 9th, 2023. August 9, 2023
- Technical Analysis – US 500 cash index tries to find its footing August 9, 2023
- Ichimoku cloud indicator analysis on USDJPY for August 9th, 2023. August 9, 2023
- Technical analysis on EURUSD for August 9th, 2023. August 9, 2023
- Technical analysis on Gold for August 9th, 2023. August 9, 2023
- GBP/USD dynamics scenarios on August 9, 2023 August 9, 2023
- Bitcoin completes correction: further consolidation or growth? August 9, 2023
- Technical Analysis – Does the current impressive USDCAD rebound have legs? August 9, 2023
- EUR/USD: Trapped in a sideways trend August 9, 2023
Gold is making higher highs and higher lows in the 4-hour chart and is unfolding the upward reversal we expect off the $1,245 price area. Gold is expected to continue the bounce towards $1,260 and higher. We could see a short-term new low towards $1,230 but it is not necessary.
Red line – resistance
Gold price is bouncing off the 61.8% Fibonacci retracement but remains below the red trend line resistance and the 4-hour Kumo (cloud). Price is above the tenkan- and kijun-sen indicators and this is a short-term bullish sign that the upside could continue.
Black line -long-term resistance
Blue line – long-term support
Gold price remains trapped inside the weekly triangle pattern. Price got rejected again at the long-term resistance channel. Price has broken out and above the weekly Kumo and has successfully back tested the Kumo (cloud) support. A break above the black trend line will be a very bullish signal. It is not clear however if we first test the long-term blue trend line first or break right away.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: