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Ichimoku cloud indicator analysis of gold for January 24, 2018


Red line -short-term resistance

Gold price is making new highs. Price is above both the tenkan- and the kijun-sen indicators. Support is at $1,342-$1,350. A pull back towards support can be seen today or even tomorrow. As long as price is above $1,320, the trend is bullish in the short term.


Magenta line - resistance

Blue line - support

On a weekly basis trend remains bullish. Price is breaking above the long-term trend line resistance. Breaking above the $1,375 high would add strength to the bullish scenario. So far, all pull backs are being bought. Bulls are under the total control. This is not the time to be bearish.

The material has been provided by InstaForex Company -