Ichimoku indicator analysis of gold for May 31, 2017
May 31, 2017 7:14 amVideo
Latest News
- 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
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
Gold price is trading between $1,270-60. Overall Gold bullish strength has weakened. Although we may see a new higher high towards $1,280-90, I do not believe Gold is ready to break above $1,300. I believe it is more probable to see a pullback towards $1,200-$1,230 first.
Blue lines – trading range
Gold price is holding above the Ichimoku cloud and the kijun-sen on the 4-hour chart. In cloud terms, we are still in a bullish trend. Short-term support is at $1,259. Resistance is at $1,265. Next resistance is at $1,270. Important support levels below $1,259 are at $1,247 and at $1,235.
Gold price continues to trade around the 61.8% Fibonacci retracement and back inside the daily Kumo. A break to new highs will open the way for a push towards $1,280-90. Daily support is at $1,244 if $1,259 is broken. My longer-term bullish view remains intact even if we make a deeper pullback towards $1,200.The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: