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Ichimoku cloud indicator analysis of gold for January 24, 2018

The Gold price remains in a bullish trend. The price is about to make one more new higher high above $1,344.30. Despite the bearish divergence signs price continues to rise above the cloud respecting support levels.


Red lines - bearish divergence

Support is at $1,337 and next and more important short-term support at $1,332. As long as price is above $1,332 trend is bullish. Break below that support level and Gold will go towards $1,320-$1,310. Resistance is at $1,345 and next at $1,350.


The Gold price remains above the tenkan-sen on a daily basis. This support has been respected and a break below it will be an exit sign. This sign is expected to come this or next week. The critical daily support is at $1,332.70. A daily close below it is a bearish sign. Minimum target will be the $1,297 level.

The material has been provided by InstaForex Company -