Ichimoku indicator analysis of gold for January 23, 2018

The Gold price has respected support at $1,325-30 and is moving towards the $1,345 previous highs resistance. The trend remains bullish as the price is above the Ichimoku cloud.

Red lines - bearish divergence sign

Short-term support is at $1,328 and resistance at $1,340. Price is trading above the Kumo (cloud) and has also crossed above both the tenkan- and kijun-sen indicators. As long as price holds above $1,328 trend will be in control by the bulls. Bulls do not want to see price break below $1,328-25.

On a daily basis, Gold price remains above the Daily cloud support and above both the tenkan- and kijun-sen indicators. First important daily support by the tenkan-sen is at $1,330. A daily close below it will open the way for a move towards the daily kijun-sen which now is at $1,298. So far price respects support.The material has been provided by InstaForex Company - www.instaforex.com