Ichimoku analysis of indicators of the gold to October 31, 2017




Gold price has made a higher in the very short term, yesterday, break above and out of the descending wedge, but the price still remains below the 4 hour Cloud resistance. The trend remains bearish.

The blue line resistance

The red line of support

Gold price is trading above both the tenkan and kijun-sen indicators in the 4 hours chart, but below the Kumo (cloud) resistance. The bulls not only need to get out of the Hold, but also penetrate into the cloud of resistance at $1,280-$ 1,287. Break above the cloud would be a breakout uptrend confirmation. Until then, we are always in danger of the visit to the lower levels.

On a daily basis, the price of gold is to try to find the tenkan-sen indicator (red line). Important cloud resistance at the $1,286. A daily close above it will be a bullish sign. Support at $1,268. If it is broken, we should expect the price to fall towards $1,255-60.



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