Ichimoku indicator analysis of gold for June 22, 2017
June 22, 2017 7:00 amVideo
Latest News
- What’s next for markets amid Israel-Iran tensions? – Special Report April 16, 2024
- Technical Analysis – GBPUSD pulls back into the negative zone April 16, 2024
- Geopolitical developments and stronger US data push volatility to new highs across the board – Volatility Watch April 16, 2024
- Technical Analysis – AUDUSD breaks the lower bound of a sideways range April 16, 2024
- Video market update for April 16, 2024 April 16, 2024
- Hot forecast for EUR/USD on April 16, 2024 April 16, 2024
- Technical Analysis – EURUSD dives further near 1.0600 April 16, 2024
- XM 2024 Ramadan Promotion Winners April 16, 2024
- EUR/USD and GBP/USD: Technical analysis on April 16 April 16, 2024
- Key events on April 16: fundamental analysis for beginners April 16, 2024
- Overview of the GBP/USD pair. April 16th. The pound may rebound, but the flat is over, and there are no reasons for growth April 16, 2024
- Trading plan for GBP/USD on April 16. Simple tips for beginners April 16, 2024
- Trading plan for EUR/USD on April 16. Simple tips for beginners April 16, 2024
- Overview of the EUR/USD pair. April 16th. In plain text: The ECB will cut rates in June April 16, 2024
- Forecast for EUR/USD on April 16, 2024 April 16, 2024
- Forecast for GBP/USD on April 16, 2024 April 16, 2024
- Forecast for AUD/USD on April 16, 2024 April 16, 2024
- Outlook for GBP/USD on April 16. Pound awaits inflation data April 16, 2024
- Outlook for EUR/USD on April 16. Another boring Monday April 16, 2024
- The euro hardly has a chance to rise April 16, 2024
Gold price bounced off the 61.8% Fibonacci retracement and the $1,245-40 area as expected. Price should test the $1,260 short-term resistance area. A rejection there will open the way for a push towards $1,200, but if the week closes around $1,260 and higher, we could have a bullish reversal sign on a weekly basis.
Gold price is trading above both the tenkan- and kijun-sen but below the 4-hour Kumo. Price needs to break above $1,260-70 cloud area to turn short-term trend to bullish. First important short-term resistance is at $1,260. Support is at $1,241 and if broken we could see $1,230. However I believe downside is limited….a bounce higher is what we should focus in the short term.
Black line – long-term resistance
Blue line – long-term support
Gold weekly chart could shape up to be a very bullish one as the candle formation of this week touched the weekly Kumo (cloud) support as expected and bounced higher. This long-tailed candle is a bullish reversal sign and will strengthen the higher we close this week. I’m short-term and longer-term bullish about Gold.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: