Ichimoku indicator analysis of gold for October 2, 2017

Gold price is making new lows early this week. I continue to consider this pullback as a corrective one inside a larger bullish trend. The decline from $1,291 is to be completed today and a reversal at least towards $1,285 is to be seen this week.

Black line - resistance trend line

Blue lines - bullish divergence signs

Gold price is trading below both the tenkan- and kijun-sen (red and yellow lindicators). Trend is bearish on the 4-hour chart. Bullish divergence signs continue to be given each time a new low is made. Short-term resistance is at $1,285. Breaking above it will push price towards $1,298 at least. Support is at $1,270.

On a daily basis Gold price is testing the daily Kumo (cloud). Price is just below the 50% retracement of the rise and could reach the 61.8% Fibonacci retracement. Daily support is now at $1,260-55. Resistance is at $1,293. My longer-term view remains bullish.The material has been provided by InstaForex Company - www.instaforex.com