Ichimoku indicator analysis of gold for April 7, 2017
April 7, 2017 7:11 am
Gold broke to new highs above the 2017 highs earlier tonight after the attack in Syria by the US army forces. We should expect a pullback or a back test of the broken resistance level at $1,257-60. In the long term I remain bullish looking for $1,300-$1,310.
Blue lines – trading range
The price broke out of the trading range. It is above the Kumo (cloud). Trend is bullish in the 4-hour chart. Both tenkan- and kijun-sen are pointing higher. I expect more upside in price action. Support is at $1,257-60. Resistance is now at $1,280.
Red line – resistance
Black line – long-term resistance
Blue line – long-term support
Gold weekly candle is breaking above the short-term resistance and 2017 highs. The weekly close will be important. A weekly close above $1,263 will open the way for a push at least towards $1,285-$1,310. Trend is bullish. There are no divergence signs.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold broke to new highs above the 2017 highs earlier tonight after the attack in Syria by the US army forces. We should expect a pullback or a back test of the broken resistance level at $1,257-60. In the long term I remain bullish looking for $1,300-$1,310.
Blue lines – trading range
The price broke out of the trading range. It is above the Kumo (cloud). Trend is bullish in the 4-hour chart. Both tenkan- and kijun-sen are pointing higher. I expect more upside in price action. Support is at $1,257-60. Resistance is now at $1,280.
Red line – resistance
Black line – long-term resistance
Blue line – long-term support
Gold weekly candle is breaking above the short-term resistance and 2017 highs. The weekly close will be important. A weekly close above $1,263 will open the way for a push at least towards $1,285-$1,310. Trend is bullish. There are no divergence signs.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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