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Forex Analysis:::2020-08-07

Ichimoku cloud indicator analysis of Gold

Gold price ended the week higher making new weekly all time highs and closed above $2,030. Trend remains bullish. The precious metal was under pressure on Friday as most probably profit taking by bulls took place.


Gold price today made a new higher high but price closed below yesterday's lows. This is a warning sign of a short-term top. I do not expect price to form a major top. My first pull back target is at $1,990 and my second target is at $1,922. As we said in previous analysis, Gold price justifies a pull back. Any pull back is seen as buying opportunity. We expect Gold price to continue higher over the coming months.
Alexandros Yfantis
Analyst InstaForex
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