Weekly Ichimoku cloud analysis for Gold

Gold price is trapped between the kijun-sen and the tenkan-sen indicators. Although longer-term trend in Ichimoku cloud terms remains bullish, there are some worrying signs that a bigger pull back could unfold until the end of the year.

Gold price is well above the Kumo (cloud). Price is getting rejected the last two weeks at the tenkan-sen (red line indicator). This is a sign of weakness. The tenkan-sen resistance is now at $1,920. Bulls need a weekly close above $1,920. On the other hand bears are not that strong either as price has tested the kijun-sen (yellow line indicator) and have not managed to break below it yet. Support by the kijun-sen is at $1,872. A weekly close below $1,872 is what bears look for. This will imply that a move towards the cloud at $1,650-$1,700 would be likely. The Chikou span (black line indicator) is above the candlestick pattern. Support according to the Chikou span on a weekly basis is at $1,730-$1,760.The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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