Ichimoku indicator analysis of gold for May 10, 2017
May 10, 2017 7:29 am
Gold price continues to make lower lows and lower highs. Trend remains bearish. Gold has limited downside. I still prefer bullish positions at the current levels.
Blue lines – bearish channel
Despite being still inside the bearish channel and below both the tenkan- and kijun-sen, the RSI divergence signals that gold is just above previous lows at $1,194. I believe there are a lot of chances for a move higher at least towards the Kumo resistance at $1,250.
Red line -long-term resistance trend line
Gold price remains inside the weekly cloud but above the weekly kijun-sen. Price has held above the lower Kumo boundary and this is a positive sign. If Gold manages to make a higher low relative to the $1,194 low in March, we could expect a strong upward reversal start from around current levels.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price continues to make lower lows and lower highs. Trend remains bearish. Gold has limited downside. I still prefer bullish positions at the current levels.
Blue lines – bearish channel
Despite being still inside the bearish channel and below both the tenkan- and kijun-sen, the RSI divergence signals that gold is just above previous lows at $1,194. I believe there are a lot of chances for a move higher at least towards the Kumo resistance at $1,250.
Red line -long-term resistance trend line
Gold price remains inside the weekly cloud but above the weekly kijun-sen. Price has held above the lower Kumo boundary and this is a positive sign. If Gold manages to make a higher low relative to the $1,194 low in March, we could expect a strong upward reversal start from around current levels.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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