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MT5.com - Ichimoku cloud indicator analysis of Gold

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Forex Analysis:::2020-08-05

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.

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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.
Alexandros Yfantis
Analyst InstaForex
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