Ichimoku indicator analysis of gold for August 29, 2017

The Gold price has reached our $1,320 which was our first target. The trend remains bullish. Gold could reverse from current levels to back test $1,300 or even $1,280 but overall we remain long-term bullish.

The price is above both tenkan- and kijun-sen indicators. The trend is clearly bullish. Short-term support is at $1,310, next at $1,300 and next at $1,288. Resistance is at $1,350 now.

Purple line - resistance

Black line - long-term resistance

Blue line -long-term support

The Gold price has broken above the weekly Kumo (cloud) and above the long-term black trend line resistance from its all time highs. The trend is bullish. The price is heading now towards $1,350 where the next resistance trend line is found.

The material has been provided by InstaForex Company - www.instaforex.com