Weekly Ichimoku cloud analysis for Gold

Trading 23 Oct 2020 Donner votre avis

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.

analytics5f92e21cd1bca.jpg

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

Répondre

Vous devez tre connecté pour écrire un commentaire.