Ichimoku indicator analysis of gold for September 14, 2017

Gold price is pulling back as we expected. We warned that there were overbought signs and that Gold price would need a pull back towards $1,330-$1,320. This pull back could extend towards $1,300, however our longer-term view remains bullish and we see this as a buying opportunity.

Black line - trend change level Gold price is breaking below the 4-hour Kumo support. This implies that more downside should be expected. Gold price could extend the decline lower for an equal leg down similar to the first part of the decline. The target would be at $1,302. However we should also keep an eye on the resistance and trend change level at $1,334. Breaking above it will confirm the pull back is over. 

On a daily basis the close below the tenkan-sen (red line indicator) implies that the kijun-sen (yellow line indicator) will be tested. Trend remains bullish. Price should continue towards $1,380-$1,400 once the pull back is over. Kijun-sen support is at $1,308.

Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!

    

$123 No Deposite Bonus.         $1000 No Deposite Bonus.           $5000 No Deposite Bonus.

    

$300 No Deposite Bonus.            $500 No Deposite Bonus.          $200 No Deposite Bonus.

  

    Bonus 1000% Up To $100            WELCOME 30 USD