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Ichimoku cloud indicator analysis of gold for January 26, 2018

Gold price reversed from $1,266 level towards $1,340 to back test the break out level as expected. So far, the back test was successful as price is bouncing strongly back above $1,355.


Magenta line - long-term resistance

Gold price remains in a bullish trend. Kijun-sen support at $1,346 was respected in the 4 hour chart. Price remains above the Ichimoku cloud. Support is at $1,342 now, and resistance is at $1,365. Break above $1,365 and we go towards $1,389. Break support and we go to $1,330-20.


Magenta line -long term resistance

Blue line - long-term support

On a weekly basis, Gold is breaking out. Gold is above the long term resistance and remains bullish in all time frames. A weekly close below $1,332 would only cancel the bullish trend and give a reversal signal.

The material has been provided by InstaForex Company -