FX.co ★ Ichimoku cloud indicator analysis of Gold

Gold price remains in a bullish trend still above $2,000. In previous posts we justified a pull back towards $1,900 maximum currently although it is not necessary. The up trend is very strong and we advised traders not to bet against it. Better stay out and wait for pull back to buy.

At $2,006 we find the Daily short-term support. Breaking below it will not change daily bullish trend but will give us a weakness signal that will imply a move towards $1,920-50 is very possible. This second support is key for the medium-term trend as a break below it could push Gold price back to $1,700-$1,800.

In previous posts we noted that our next target is around $2,300-$2,400. However in order to achieve such a target Gold price will need first to make a considerable pull back, most probably towards $1,900.