Ichimoku indicator analysis of gold for August 17, 2017

The gold price held cloud support and reversed higher as expected. Gold is now most probably heading towards $1,300 and higher over the next weeks and has successfully back tested the long-term trend line resistance. However, we cannot rule out another back test in the future.

analytics5994c60ad9b3c.jpg

The price is trading above the Kumo and has recently broken above the kijun-sen. The tenkan-sen is positively sloped and by crossing the kijun-sen will confirm the bullish short-term trend and strengthen it. Resistance is at the recent highs. Support at $1,275-70.

analytics5994c66425524.png

Black line -long-term resistance

Blue line -long-term support

The gold price has broken out and above the long-term resistance trend line from its all time highs. We have been bullish gold for some time now and we now look for more upside. Any pull back to back test the broken trend line will be seen as a gift for bulls.

The material has been provided by InstaForex Company - www.instaforex.com