Ichimoku indicator analysis of gold for September 26, 2017 - Forex247

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Tuesday, September 26, 2017

Ichimoku indicator analysis of gold for September 26, 2017

Gold price has broken out of the bearish channel yesterday as we expected. Price has stopped right below the 4-hour Kumo and shows signs of rejection. However I believe the next leg up towards $1,400 has started.

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Red lines - bearish channel

Gold price has reached the 4-hour Kumo (cloud) after breaking the bearish channel. Price has stopped right at the resistance and is pulling back. Short-term support is at $1,301. Resistance is at $1,316.

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On a daily basis Gold price has bounced as expected and stopped right at the daily tenkan-sen (red line indicator) resistance. Price needs to move above $1,316-20 level in order for bulls to feel more confident. I believe Gold has made an important low at $1,288. Breaking below that level will open the way for a move towards $1,270-60.The material has been provided by InstaForex Company - www.instaforex.com


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