Ichimoku indicator analysis of gold for May 26, 2017
May 25, 2017 9:05 pm
Gold price is forming a sideways triangle price action. This tightening range will soon provide a break out and a clear signal. I believe that it is more probable the breakout to be to the upside.
Blue lines -triangle pattern
Gold price is trading around the tenkan- and kijun-sen indicators above the 4-hour Ichimoku cloud. Trend is neutral in the short term. Resistance is at $1,263. Support is at $1,250.
On a daily basis Gold price has been trading inside a price range for 6 sessions
in a row. Price is near the upper cloud boundary and a daily close above it will be a bullish sign that will push price towards $1,280-$1,300. A close below $1,245 will be a bearish sign as price will be below the daily cloud.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price is forming a sideways triangle price action. This tightening range will soon provide a break out and a clear signal. I believe that it is more probable the breakout to be to the upside.
Blue lines -triangle pattern
Gold price is trading around the tenkan- and kijun-sen indicators above the 4-hour Ichimoku cloud. Trend is neutral in the short term. Resistance is at $1,263. Support is at $1,250.
On a daily basis Gold price has been trading inside a price range for 6 sessions
in a row. Price is near the upper cloud boundary and a daily close above it will be a bullish sign that will push price towards $1,280-$1,300. A close below $1,245 will be a bearish sign as price will be below the daily cloud.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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