Gold price held support at $1,180 and managed to break short-term resistance to move back towards the Ichimoku cloud resistance. Gold price remains inside the bigger trading range and this confirms that the trend is neutral. This can also be seen in the weekly chart where the price is trapped between the kijun- and tenkan-sen.
The material has been provided by InstaForex Company - www.instaforex.com
Blue line = horizontal resistance
Red line = trend line resistance
Green line = horizontal resistance
Gold price broken the downward sloping trend-line resistance. The price is trying to move above the cloud resistance. However, the price remains inside the trading range of $1,222 and $1,180. This implies that the trend remains neutral for the medium-term.
The weekly gold price chart confirms that the price is trapped between a trading range. Gold is trading between the kijun-sen (yellow line) and the tenkan-sen (red line). The price was rejected at the kijun-sen and buyers came in and pushed it higher once it reached the tenkan-sen. The longer-term trend remains bearish as the price is below the cloud.
The material has been provided by InstaForex Company - www.instaforex.com
