Ichimoku indicator analysis of gold for August 28, 2017

The Gold price tested the lower cloud boundaries on Friday on a mini flash crash but support was respected and price bounced back up very fast. The price now continues to follow our expected path for a move above $1,300.


Magenta line - expected path

The Gold price held above cloud support and bounced strongly on Friday. Gold is now breaking out and above the trading range, we were in for the last couple of weeks. Gold is finally breaking above $1,300 heading towards $1,320-40.


Black line -long-term resistance

Blue line - long-term support

Thr Gold price is in a bullish trend. If you follow my analysis you will already know I've been bullish Gold long-term for the last two years. Gold has now broken above the long-term resistance trend line and even if it pulls back towards $1,250, it will be seen as a great bullish opportunity to buy it.

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