empty
 
 
05.08.2020 11:49 PM
Ichimoku cloud indicator analysis of Gold

Gold price continues higher making new all time highs. Trend remains bullish and as we said in previous analysis it is not wise to go against the trend. We use the Ichimoku cloud indicator in order to identify key support levels and possible pull back levels.

This image is no longer relevant

Trend is clearly in up trend as price is above both the tenkan-sen and the kijun-sen indicators. First support at $1,968 by the tenkan-sen (red line indicator) and at $1,905 by the kijun-sen (yellow line indicator). A pull back is justified but currently I do not see any chance of a move below $1,900. Any pull back is considered a buying opportunity.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback