Ichimoku indicator analysis of gold for November 10, 2017

Gold price is trading around its important short-term resistance area of $1,283-87. There is no clear break out above the resistance area as price has stuck around here. There are some Fibonacci retracement resistance levels here that are important and should not be ignored.

Gold price is trading above the 4-hour Ichimoku cloud. Cloud support is at $1,274. As long as price is above this level trend is bullish in the short-term. Price so far reached the 61.8% Fibonacci retracement and is getting rejected. A pull back is very likely. Resistance is at $1,288-89.

Yesterday's daily candle closed above the kijun-sen and this is a bullish sign. This increases the chances of moving towards the daily Kumo (cloud). Daily support is at $1,276. This is the tenkan-sen (red line indicator). Bulls do not want to see a daily close below it.The material has been provided by InstaForex Company - www.instaforex.com