Short-term Ichimoku cloud indicator analysis of Gold

In our last analysis we noted that although Gold was still in a bullish trend, price was justified to make a short-term pull back towards $1,785. Price pulled back on Friday towards our target but only managed to reach $1,793.

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Gold price remains in a bullish trend. Price has tested the kijun-sen (yellow line indicator) and has held above it. Now price is breaking above the tenkan-sen (red line indicator) once again and this could provide a new higher high above $1,817. Support is found at $1,793 and as long as we trade above that level we remain short-term bullish looking for a new higher high. If support fails to hold then we expect price to reach and test the Kumo (cloud) around $1,780.The material has been provided by InstaForex Company - www.instaforex.com