Ichimoku indicator analysis of gold for June 6, 2017
June 6, 2017 7:11 am
Gold price is reaching our targets we mentioned since early May. There are several indicators showing that this rally will be short-lived and bulls need to raise their stops and protect their positions. A pullback at least towards $1,250 is expected.
Gold price remains in a bullish trend as price continues to trade above both the tenkan- and kijun-sen indicators. Support is at $1,273. If broken the correction starts, next support will be at $1,260. Resistance is at $1,290-$1,300.
Black line – long-term trend line resistance
Blue line – long-term trend line support
Gold price is breaking out of the weekly Kumo and is testing the black trend line resistance. I do not expect Gold price to break now above the black trend line or at least make a real breakout. If it breaks out, I would not be buying on strength but wait for a pullback at least towards $1,250. I remain longer-term bullish on Gold.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is reaching our targets we mentioned since early May. There are several indicators showing that this rally will be short-lived and bulls need to raise their stops and protect their positions. A pullback at least towards $1,250 is expected.
Gold price remains in a bullish trend as price continues to trade above both the tenkan- and kijun-sen indicators. Support is at $1,273. If broken the correction starts, next support will be at $1,260. Resistance is at $1,290-$1,300.
Black line – long-term trend line resistance
Blue line – long-term trend line support
Gold price is breaking out of the weekly Kumo and is testing the black trend line resistance. I do not expect Gold price to break now above the black trend line or at least make a real breakout. If it breaks out, I would not be buying on strength but wait for a pullback at least towards $1,250. I remain longer-term bullish on Gold.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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