empty
 
 
09.06.2020 07:22 PM
Gold price bounces towards key short-term resistance

Gold price has bounced off the Daily cloud support and has reached the $1,715-20 area as expected. By the Ichimoku cloud indicators this area is important resistance and could be decisive for the move in Gold price over the next few weeks.

This image is no longer relevant

Gold price is above the Cloud. This is a bullish sign, Gold price has crossed the tenkan-sen (red line indicator) and is challenging the kijun-sen (yellow line indicator). The Chikou span is above the candlestick formation and this is a bullish sign. The chart so far shows signs in favor of bulls. However bulls need to show more signs of strength. If the tenkan-sen (red line indicator) crosses above the kijun-sen (yellow line indicator) then we will have a strong buy signal. This would be good news for bulls. Recapturing $1,720 area and holding above it would do it. A rejection would be a bearish sign. Support remains key by the cloud at $1,670. Breaking below it could push price towards $1,600.
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