Ichimoku indicator analysis of gold for September 18, 2017

Gold price remains in a bearish short-term trend. The inability last week to break above the resistance at $1,335 and the rejection, confirmed that we are heading towards our next pull back target of $1,310-$1,280. My longer-term view remains bullish.

Black line - resistance

Black rectangle - horizontal resistance

Gold price is trading below the 4-hour Kumo. Price got rejected at the horizontal resistance last week. Short-term, resistance is now at $1,324 and next at $1,330-35. Trend is bearish in the short term as long as price is below $1,335. Gold is in a corrective phase.

Gold is moving slowly and steadily towards the daily kijun-sen as expected. We mentioned when price broke below the daily tenkan-sen (red line indicator) that we should expect a move towards the kijun-sen (yellow line indicator) as long as price is below the tenkan-sen. A break below the kijun-sen will open the way for a deeper correction towards cloud support. My longer-term view remains bullish and I continue to see this pullback as a buying opportunity.The material has been provided by InstaForex Company - www.instaforex.com