Ichimoku indicator analysis of gold for August 21, 2017

Gold price remains in a bullish trend. The price touched $1,300 last week and pulled back towards $1,280. The correction could already be over. I'm very bullish on gold expecting a move towards $1,320-$1,340 to happen late August or early September.


Gold is trading above the Kumo. The tenkan-sen has crossed the kijun-sen. Price is making higher highs and higher lows. Support is at $1,277 and next at $1,268. Resistance is seen at $1,300.


Black line - long-term resistance (broken)

Blue line -long-term support

Gold is breaking above the important long-term resistance levels. Any pullback towards $1,260 is a buying opportunity. Gold bullish trend is expected to continue throughout 2017 and early 2018.

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