Ichimoku indicator analysis of gold for November 8, 2017

The Gold price is in a neutral short-term trend as the price is inside the 4-hour Kumo (cloud). I continue to be a long-term Gold bull but as long as we trade below $1,284 there many chances of visiting the $1,240 area.

Red line -RSI bullish divergence

Black lines - trading range

The Gold price is trapped inside the trading range of $1,283 and $1,263. The trend is neutral as the price is inside the cloud. Bulls need to break above $1,284 in order for the momentum to turn bullish again. Otherwise, another rejection at $1,283 will increase the chances for a new low towards $1,250.

On a daily basis, price remains below the important kijun-sen (yellow line indicator). Breaking above the kijun-sen ($1,283) will open the way for a move at least towards the lower cloud boundary at $1,300. Daily support is at $1,273 and resistance at $1,283.The material has been provided by InstaForex Company - www.instaforex.com