Ichimoku indicator analysis of gold for September 19, 2017

Gold price made new lows very close to our pullback target of $1,300. Short-term trend is bearish. Longer-term trend and my view remain bullish. This is considered a buying opportunity for Gold.

Black lines - bearish channel

Gold price is trading below the 4-hour Kumo inside the black bearish channel. Price is making lower lows and lower highs on the 4-hour chart. There are signs from the oscillators that we are in oversold territory. Short-term resistance levels for Gold are at $1,319.50, $1,324, $1,329, and $1,334. Support is at $1,300 and $1,290.

On a daily basis, Gold price is correcting the entire upward move from $1,205. The 38% Fibonacci retracement support is at $1,299. Daily trend remains bullish as price is above the Kumo (cloud). Daily resistance is found at $1,330. A daily close above it will increase the chances of a move towards new highs. I remain longer-term bullish Gold.The material has been provided by InstaForex Company - www.instaforex.com