Gold price remains in a bullish trend according to the Ichimoku cloud indicator. Price only managed to pull back towards the Daily Kijun-sen indicator and now it is trading again above both the kijun- and the tenkan-sen.
Price is above the Kumo (cloud). The Chikou span is well above the cloud and the candlestick formation. The tenkan-sen (Red line indicator) is above the kijun-sen (green line indicator) and price is above both. All these are bullish confirmations. Support is at $1,552-$1,540. Next support at $1,486 and rising. As we explained in previous posts, Gold price recapturing $1,565 is important as this would increase chances of a move to $1,600 and higher.The material has been provided by InstaForex Company – www.instaforex.com