Ichimoku indicator analysis of gold for September 1, 2017

Gold price is retesting its highs. Short-term support is being held, price continues to trade inside the bullish daily channel, Ichimoku indicators still favor the bullish scenario.

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Gold price has reversed off the 50% Fibonacci retracement. Price is testing recent highs at $1,325. Support is at $1,310. If broken, we should expect price to break below $1,300 and move towards $1,295-90.

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Red lines - bullish channel

Gold price is above both the tenkan- and kijun-sen indicators on the daily chart. Price is inside the bullish channel. Daily support is at $1,300. A daily close below $1,300 could confirm a bigger correction towards $1,250-$1,280 area. Longer-term we remain bullish.

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