Gold price as we explained in our previous posts remained in a short-term bullish trend supported by the Ichimoku cloud. Price continues to make higher highs and higher lows. Support is being respected and so far all Ichimoku cloud indicators support the bullish trend.
Gold price is making new highs. Price is above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Price is above the Kumo and the Chikou span (green line indicator) has just broken above the candlestick resistance at $1,622. As long as price is above the Kumo (cloud) short-term trend remains bullish. Support is at $1,620 and only a break below this level could make us turn neutral. Next resistance is at $1,648 which is the 78.6% Fibonacci retracement of the downward move from $1,703 to $1,452.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Analytiker: Alexandros Yfantis
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