Ichimoku indicator analysis of gold for August 23, 2017

Gold price has pulled back again towards $1,282 support yesterday but it did not break it. Price remains trapped inside a short-term trading range of $1,295-$1,282. We could push lower towards $1,275 but overall trend remains bullish and any pullback is seen as buying opportunity.

analytics599d2789dc7ec.jpg

Gold price is trading above the Kumo cloud. This is a bullish sign. However, the tenkan-sen has crossed the kijun-sen to the downside. This is mainly because of the sideways movement that gold has been making since early August. I expect the cloud support to hold and to be tested, and then a new move higher above $1,300 is possible.

analytics599d27d470353.jpg

Black line - long-term resistance

Blue line - long-term support

Nothing new on the weekly chart. We have a weekly breakout. The price back tested the cloud support and is making higher highs. The trend is bullish and I expect gold to move towards $1,320-$1,350 over the coming weeks.

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