Ichimoku indicator analysis of Gold for September 7, 2017

Gold price remains in a bullish trend. Price pulled back towards $1,330 support and held above it. There are still chances of a pullback towards $1,300 over the coming weeks but overall we remain bullish.

Price in the 4-hour chart has broken below the tenkan-sen (red line indicator). This is not a good sign but as long as price holds above the kijun-sen (yellow line indicator) at $1,330, we could see another move to new highs closer to our 2nd target of $1,350.

Magenta line - trend line resistance

Blue line - trend line support

The weekly trend is bullish as price is above both tenkan- and kijun-sen. Price is approaching our target of the magenta trend line at $1,350. A pullback towards $1,300 is possible or at least towards $1,320. I remain bullish in the longer term.

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