empty
 
 
15.12.2017 10:01 AM
Ichimoku cloud indicator analysis of gold for December 15, 2017

Gold price is trading near its weekly highs after bouncing from $1,237. We warned Gold bears that a bounce towards cloud resistance was coming. The market delivered what was expected. Now Gold is being tested at important short-term resistance.

This image is no longer relevant

Red lines - bearish channel

Gold price has bounced as expected, because price broke out of the bearish channel and the RSI was giving bullish divergence signs. Gold price has reached the bounce target at the 4-hour Kumo (cloud) resistance. A rejection here will most probably push Gold price towards $1,200. Support is at $1,250 and next at $1,246.

This image is no longer relevant

On a daily basis, Gold price is testing the tenkan-sen (red line indicator). A daily close above it will open the way for a move towards the kijun-sen (yellow line indicator) at $1,268. Daily trend remains bearish and this upward move is still considered as a bounce. I prefer to be neutral at the current levels or slightly bearish if price breaks below $1,250.
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 $8000 more!
    In March we raffle $8000 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