Ichimoku cloud indicator analysis of Gold for April 9, 2018
April 9, 2018 7:22 am
Gold price has tried to bounce towards $1,350, but only managed to top around $1,348 and reverse back towards $1,330. Price is trading again below the 4 hour Ichimoku cloud and is vulnerable to a deeper pull back towards $1,300.
Red line – resistance
Blue line – support
On a weekly basis, the multiple rejection at the red trend line resistance is not a good long-term sign for gold bulls. Bulls must soon break above $1,355 for a move towards $1,400-$1,450 or they will be in danger for a deeper pull back towards $1,300-$1,260. Weekly support remains at $1,300. Until then we consider Gold price trading inside the multiweek trading range.
The material has been provided by InstaForex Company – www.instaforex.com
Gold price has tried to bounce towards $1,350, but only managed to top around $1,348 and reverse back towards $1,330. Price is trading again below the 4 hour Ichimoku cloud and is vulnerable to a deeper pull back towards $1,300.
Red line – resistance
Blue line – support
On a weekly basis, the multiple rejection at the red trend line resistance is not a good long-term sign for gold bulls. Bulls must soon break above $1,355 for a move towards $1,400-$1,450 or they will be in danger for a deeper pull back towards $1,300-$1,260. Weekly support remains at $1,300. Until then we consider Gold price trading inside the multiweek trading range.
The material has been provided by InstaForex Company – www.instaforex.com
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