Ichimoku indicator analysis of gold for August 30, 2017

The Gold price is pulling back from our $1,320 target we were expecting. The trend remains bullish. This pullback is still considered part of an up trend. Support is at $1,308 and next at $1,295.

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The Gold price is at the 38% Fibonacci retracement support. A break below it could push price towards the 61.8% Fibonacci retracement at $1,295. Cloud support is at $1,288.

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Magenta line - resistance target

Black line -long-term resistance (broken)

Blue line -long-term support

The Gold price is trading above the Kumo (cloud) in 4hour daily and weekly charts. The trend is clearly bullish. Pullbacks are considered buying opportunities. The Gold price next important target is at $1,340-50 where the magenta trend line resistance is found.

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