Ichimoku cloud indicator analysis of gold for February 22, 2018
February 22, 2018 10:21 am
The Gold price is trading below the 4-hour Kumo. This is a short-term bearish sign. The price bounced towards cloud resistance yesterday and was unable to break it. The price got rejected and moved to new lows yesterday.
The price is making lower lows and lower highs. The price is below the Ichimoku cloud. Resistance is at $1,331 and next at $1,341. Support is at $1,308. Short-term oscillators are oversold and justify a bounce. In the 4-hour chart, there is no reversal signal to the upside yet.
Magenta line – long-term resistance
Blue line – long-term support
On a weekly basis, the weekly candle is testing the weekly tenkan-sen support. The 2nd rejection at the magenta trend line resistance was a bearish sign. I still believe we are going to test the kijun-sen at $1,300. If we hold it, we could bounce higher. Otherwise, I cannot rule out even a pull back towards the blue long-term trend line support around $1,220-40.
The material has been provided by InstaForex Company – www.instaforex.com
The Gold price is trading below the 4-hour Kumo. This is a short-term bearish sign. The price bounced towards cloud resistance yesterday and was unable to break it. The price got rejected and moved to new lows yesterday.
The price is making lower lows and lower highs. The price is below the Ichimoku cloud. Resistance is at $1,331 and next at $1,341. Support is at $1,308. Short-term oscillators are oversold and justify a bounce. In the 4-hour chart, there is no reversal signal to the upside yet.
Magenta line – long-term resistance
Blue line – long-term support
On a weekly basis, the weekly candle is testing the weekly tenkan-sen support. The 2nd rejection at the magenta trend line resistance was a bearish sign. I still believe we are going to test the kijun-sen at $1,300. If we hold it, we could bounce higher. Otherwise, I cannot rule out even a pull back towards the blue long-term trend line support around $1,220-40.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: