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FX.co ★ Ichimoku indicator analysis of gold for September 29, 2017

Ichimoku indicator analysis of gold for September 29, 2017

Gold price downside potential is limited as we explained in our previous posts. Gold price should soon start a strong bounce at least towards $1,320. Short-term trend remains bearish but there are signs of a reversal.

Ichimoku indicator analysis of gold for September 29, 2017

Red lines - bearish channel

Blue lines - bullish divegence

Short-term resistance is at $1,295. Support is at $1,280-77. Price got rejected at cloud resistance and pulled back for a back test of the broken channel. The divergence in both RSI indicators is a bullish sign and we should soon see a strong bounce above $1,300.

Ichimoku indicator analysis of gold for September 29, 2017

On a weekly basis Gold price is holding above the kijun-sen indicator (yellow line). Gold price could bounce from current levels at least towards the tenkan-sen (Red line indicator). A close above it will be a very bullish sign specially if it happens today. Not many chances of this happening but if it does, it will be a very good sign.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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