Ichimoku indicator analysis of gold for June 7, 2017

Gold remains in a bullish trend. There is still no sign of reversal but bulls should continue raising their protective stops as a pullback towards $1,250 is justified. Gold has reached our short-term targets.

Short-term support by the tenkan-sen (red line indicator) is at $1,287 and next is at $1,278 (kijun-sen). Kumo support is at $1,265 in the 4-hour chart and this is the minimum pullback I can see once we break below the tenkan-sen.

Black line -long-term resistance

Blue line -long-term support

Gold weekly chart shows us how important the $1,290-$1,300 resistance area is. Price is once again breaking above the weekly cloud and this is a bullish sign. Combined with a break above the black trend line resistance, we will have a very bullish combination. Although I remain longer-term bullish on Gold, I would prefer to buy Gold on a pullback towards $1,260-50.

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