Ichimoku indicator analysis of gold for September 6, 2017

Gold price is very close to our second target of $1,350. Trend is bullish but also fragile for a pullback towards $1,300. Longer-term view remains bullish targeting above $1,400.

Gold price is trading above the 4-hour tenkan-sen (Red line indicator). Trend is bullish as price is making higher highs and higher lows. RSI (5) is diverging providing warning signals. Support is at $1,334 and resistance at $1,350.

Magenta line- resistance

Blue line -long-term support

Gold price is above the weekly Kumo and with RSI (5) making new highs. Trend is clearly bullish on a weekly basis and we have a short-term target of $1,350 after our first at $1,320 was achieved. A pullback towards $1,300 is possible before the break out towards $1,400. Longer-term view remains bullish.

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