Ichimoku cloud indicator analysis of Gold for July 16, 2018
July 16, 2018 7:21 am
The Gold price is diverging. The price remains in a bearish trend. A bounce to $1,290 is justified but we cannot rule out a move to $1,200-$1,210 if $1,235-37 fails to hold.
Blue lines – pitchfork
Red line – RSI Support
The Gold price is still below the 4-hour Kumo (cloud). The trend is bearish. The price is making lower lows and lower highs but not the RSI. The RSI respects its support trend line. This bullish divergence will eventually break to the upside. Bounce target and major resistance is at $1,280-90. Short-term resistance is at $1,247-$1,252 area. A break above this level will open the way for our $1,290 target. Bulls will need to be more constructive in order for the bullish scenario to $1,400 to be accomplished.
The material has been provided by InstaForex Company – www.instaforex.com
The Gold price is diverging. The price remains in a bearish trend. A bounce to $1,290 is justified but we cannot rule out a move to $1,200-$1,210 if $1,235-37 fails to hold.
Blue lines – pitchfork
Red line – RSI Support
The Gold price is still below the 4-hour Kumo (cloud). The trend is bearish. The price is making lower lows and lower highs but not the RSI. The RSI respects its support trend line. This bullish divergence will eventually break to the upside. Bounce target and major resistance is at $1,280-90. Short-term resistance is at $1,247-$1,252 area. A break above this level will open the way for our $1,290 target. Bulls will need to be more constructive in order for the bullish scenario to $1,400 to be accomplished.
The material has been provided by InstaForex Company – www.instaforex.com
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