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Ichimoku analysis of indicators of gold for the September 21, 2017 — Forex Stock Trade

Ichimoku analysis of indicators of gold for the September 21, 2017

Gold prices as expected made a new lower low yesterday, after the meeting of FOMC policy announcements. Prices broke below$ 1,300. Gold price is still inside the downtrend channel in the direction towards the next support of $1,288-80. In the longer term remains bullish and we see this pullback as an excellent opportunity to buy gold for over$1,400.

Black lines — downtrend channel

Gold price is trading just below the 38% Fibonacci retracement support. The oscillators are showing minor divergence signs. We have been cautious about Gold above $1,350 on that table on a pullback. Now, I believe that we are very close to an important turning point. Gold is expected to reverse to the upside. The price action so far is corrective. Cloud resistance is at $1,323. Technical resistance is at $1,316. Support is at $1,290-88 zone.

Red line — resistance in the long term

Price of gold has not only broken above the long-term trend line resistance, but also above the weekly Kumo cloud). This decrease is a test. Weekly support is at $1,280 by the kijun-sen (yellow line of the indicator) and the amount of 1 300 $by the tenkan-sen. I believe that this pullback is a buying opportunity. A bear trap of the weakness of nostalgia, which is entered in the bullish trend above$1,300.

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