Forex Analysis & Reviews: Ichimoku cloud indicator analysis of Gold

Gold price is once again moving higher above the key resistance of $1,850. If bulls manage to hold above $1,850 and break above recent highs at $1,874, we should then expect a move towards $1,900 and higher.

Gold price has made an important higher low at $1,820 and is now breaking above the Ichimoku cloud once again. This is a bullish sign. Support is at $1,847 and next at $1,820. Gold bulls need to defend these two levels. Breaking below $1,820 will bring Gold price below $1,800. However so far this is not the most probable scenario. The most probable scenario for now is a move above $1,874 towards $1,913-31. Both tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are below price. The Chikou span (black line indicator) is above the candlestick body. This is also bullish. All signs in the 4 hour chart support the bullish case.

Analysis are provided by InstaForex