Ichimoku indicator analysis of gold for August 18, 2017

The Gold price remains in a short- and medium-term trend, while in a process of turning longer-term trend to bullish too. The price has broken an important long-term trend line resistance coming from its all time highs. This resistance gave many rejections in the past. Not now.

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Short-term support is at $1,277 and resistance at $1,292. The tenkan-sen is breaking above the Kijun-sen. This is a bullish sign so we should expect Gold to continue higher above $1,300 over the coming weeks.

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Black line -long-term resistance

Blue line- long-term support

This week's candle provided a back test of the break out of the black trend line resistance. Breaking this trend line is a very important bullish signal. Many times before price got rejected and was sold off when touching the trend line. Not this time. This time we confirm our longer-term bullish view in Gold.

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