empty
 
 
24.08.2017 09:38 AM
Ichimoku indicator analysis of gold for August 24, 2017

Gold remains in a bullish trend. Price is moving sideways in the short-term but above the support line. Breaking above $1,295 will open the way for a move towards $1,320-40.

This image is no longer relevant

Magenta line -expected path

Gold could push towards the 4-hour Kumo (cloud). There we should expect to see a bounce to new highs. The trend remains bullish. The support is at $1,282 and the next one is expected at $1,277. The resistance is found at $1,293 and the next one lies at $1,295.

This image is no longer relevant

Black line -long-term resistance

Blue line - long-term support

Gold is in a bullish medium-term trend. The price is above the weekly Kumo and has broken above the long-term trend line resistance. Even if the price pulls back towards $1,250, this would be a gift for bulls. I expect the bullish trend in gold to continue for the rest of the year at least.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback