empty
 
 
31.08.2017 09:07 AM
Ichimoku indicator analysis of gold for August 31, 2017

Gold price continues its pullback towards $1,300 as it has now retraced 50% of the rise from $1,275. Medium- and longer-term trend remain bullish. Gold has potential to pull back even towards $1,280 but I believe it will only move slightly lower than $1,300.

This image is no longer relevant

Gold price is trading above the 4 hour Kumo. Price has retraced 50% so far. Next support is at the 61.8% Fibonacci retracement and most probable target for a reversal to the upside. I remain long-term bullish about Gold.

This image is no longer relevant

Red lines - bullish channel

Gold price is trading inside a daily bullish channel. Price is holding above the tenkan-sen support at $1,300. There are some divergence signs that could justify a deeper pullback in Gold. Daily Kumo support is at $1,250. This move would surely wash out weak bulls. I do not give such a pullback many chances of happening, but it is a scenario we should not ignore if the channel breaks.

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 $1000 more!
    In April we raffle $1000 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