Ichimoku indicator analysis of gold for November 1, 2017
November 1, 2017 9:23 am
Gold has broken out of the downward sloping wedge pattern and yesterday it pulled back to back test the breakout area. Price made a higher low so far, but the short-term trend remains bearish as long as the price is below the Kumo.
Blue line – resistance
Red line – support
The Gold price is trading below the 4 hour Kumo (cloud) resistance. This resistance is at $1,279-83. Support is at $1,267. Breaking below support will open the way for a move lower towards $1,260 or even lower.
On a daily basis, the trend remains bearish. Gold price is testing the tenklan-sen indicator. Bulls must break above it and try a push inside the cloud to change trend to neutral. Otherwise, we are still in danger of moving lower towards $1,240-50. I remain longer-term bullish.The material has been provided by InstaForex Company – www.instaforex.com
Gold has broken out of the downward sloping wedge pattern and yesterday it pulled back to back test the breakout area. Price made a higher low so far, but the short-term trend remains bearish as long as the price is below the Kumo.
Blue line – resistance
Red line – support
The Gold price is trading below the 4 hour Kumo (cloud) resistance. This resistance is at $1,279-83. Support is at $1,267. Breaking below support will open the way for a move lower towards $1,260 or even lower.
On a daily basis, the trend remains bearish. Gold price is testing the tenklan-sen indicator. Bulls must break above it and try a push inside the cloud to change trend to neutral. Otherwise, we are still in danger of moving lower towards $1,240-50. I remain longer-term bullish.The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: