Gold price remains inside the bullish channel and is making higher highs and higher lows. Trend remains bullish in the short term. We might see a pullback towards $1,200-$1,210. There are several divergence signs but no reversal signal.
Red lines – bullish channel
Gold price is trading above the Ichimoku cloud and inside the bullish channel. The RSI is diverging on the 4-hour chart but there is no reversal signal yet. This upward move in Gold above $1,200 increases the chances that an important long-term low is in at $1,122. Even if price pulls back, we should expect a higher low around $1,180-60 before the next big upward move.
As expected for some time now, Gold price has reached the lower cloud boundary at $1,220. This is important resistance area. Gold price has also broken above the tenkan-sen (red line indicator) and could move towards the kijun-sen (yellow line indicator) at $1,250 before a bigger pullback starts. I remain longer-term bullish
about Gold.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Gold price remains inside the bullish channel and is making higher highs and higher lows. Trend remains bullish in the short term. We might see a pullback towards $1,200-$1,210. There are several divergence signs but no reversal signal.
Red lines – bullish channel
Gold price is trading above the Ichimoku cloud and inside the bullish channel. The RSI is diverging on the 4-hour chart but there is no reversal signal yet. This upward move in Gold above $1,200 increases the chances that an important long-term low is in at $1,122. Even if price pulls back, we should expect a higher low around $1,180-60 before the next big upward move.
As expected for some time now, Gold price has reached the lower cloud boundary at $1,220. This is important resistance area. Gold price has also broken above the tenkan-sen (red line indicator) and could move towards the kijun-sen (yellow line indicator) at $1,250 before a bigger pullback starts. I remain longer-term bullish
about Gold.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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