Ichimoku cloud indicator analysis of gold for Dece… 12.12.2017


Gold price made a new low yesterday at $1,241. Price remains in a bearish trend. I continue to expect prices to bounce towards $1,255-60 area before any meaningful downside move towards $1,220-$1,200.

Exchange Rates 12.12.2017 analysis
Red lines – bearish channel

Black lines – bullish divergence

We observe bullish divergence signs in the 4 hour chart. Price has resistance the $1,247 level and support at $1,220. A break above resistance will confirm my short term bounce view towards cloud resistance $1,260-70.

Exchange Rates 12.12.2017 analysis
On a weekly basis price has entered the weekly Kumo (cloud). This is not good for long-term bulls. Price at the end of the week must at least gives a bounce off this weekly support area, otherwise bulls will be in trouble. Last time price tested the weekly Kumo (cloud), price reached the lower cloud boundary and rallied 130$ to $1,350. Let’s see what it does this time.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2017

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