Ichimoku indicator analysis of gold for June 2, 2017

Gold price is pulling back as expected. Price is now testing important short-term support. If this support fails to hold, we should expect Gold price to move towards $1,245. My target for a pullback has been for some time this level and I continue to believe that Gold is not yet ready for a break above $1,300.

Blue lines - trading range

Gold price has broken below both the tenkan- and kijun-sen indicators and is testing the 4-hour Kumo (cloud) support. We could see a bounce towards the tenkan- and kijun-sen today but overall I do not believe the pullback is over yet. Critical 4-hour support at $1,250.

On a daily basis Gold price is getting rejected off the upper Kumo boundary. Price is expected to pull back towards at least the 38% Fibonacci retracement level at $1,250 while I give a lot of chances of seeing the lower cloud boundary at $1,244. I remain longer-term bullish

about Gold.

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