Ichimoku indicator analysis of gold for November 2, 2017

The Gold price has entered the Kumo (cloud) and a short-term trend has changed to neutral, as the price is making very short-term higher highs and whenever it pulls back towards $1,270 buyers step in and push it back towards short-term resistance of $1,283.

Blue line — resistance (broken)

Red line — support

The Gold price has entered the Ichimoku cloud. The trend is now neutral. Support is at $1,267 and resistance remains at $1,283. Many stops are placed above $1,283 so a break above it will most probably push price towards $1,295-$1,300. This will be the first step towards the start of a new upward leg towards $1,400.

Blue line — support

Magenta line -resistance

Gold weekly chart remains above the weekly Kumo. The trend is bullish. Gold could pull back towards $1,245-50 and the weekly Kumo but if price breaks above $1,307 we should expect a retest at the magenta trend line resistance.

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