logo

FX.co ★ Ichimoku indicator analysis of gold for May 24, 2017

Ichimoku indicator analysis of gold for May 24, 2017

Gold price pulled back from $1,260 area as expected. Gold price could still move lower towards $1,240-45 area before the next upward move towards $1,280-$1,300. I do not see a deeper pullback at the moment at hand, so I will be waiting for an upward reversal that can come even this week.

Ichimoku indicator analysis of gold for May 24, 2017

Gold price continues to trade above the Ichimoku cloud in the 4-hour chart. I expect the price to reach the Kumo (cloud) support and bounce off it. Short-term resistance is at $1,255-57. Support is at $1,245.

Ichimoku indicator analysis of gold for May 24, 2017

On the daily chart, the price has come back inside the Kumo after being rejected at the 61.8% Fibonacci retracement as we expected. The price should hold inside the Kumo otherwise it will be a bearish sign if it closed below it. Important resistance remains at $1,265 and if taken out we will go to $1,280-$1,300.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account