Ichimoku indicator analysis of gold for November 22, 2017 - Forex247

Latest

Keep Your Trading Simple and Smart

Wednesday, November 22, 2017

Ichimoku indicator analysis of gold for November 22, 2017

Gold price continues to trade within the trading range of $1,270-$1,297. Gold remains above short-term cloud support, however the entire rise so far does not look impulsive. The best case for bulls is a move to $1,300-$1,310 before a decline to $1,210-$1,250.

analytics5a152a7acdfa6.png

Blue lines - trading range

Gold price is trading above the 4-hour Kumo (cloud) support. Support is at $1,280 and next at $1,275. Resistance is at $1,285 and the next at $1,295. Gold price since late October has an overlapping structure which makes me believe that the metal is still inside a bigger correction phase.

analytics5a152b0801f70.png

In the daily chart, Gold got rejected off the Daily Kumo (cloud) and dropped below the tenkan- and kijun-sen. Gold is now trying to break above both indicators. A daily close above $1,285 will open the way for a move back towards the lower cloud boundary at $1,290. I remain longer-term bullish but I believe we could get a better buying opportunity for Gold 30-50$ lower.

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


No comments:

Post a Comment