Published On: Fri, Mar 10th, 2017

Gold: Ichimoku clouds

InstaForex

Let’s look at the four-hour chart. Tenkan-sen line is below Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument has been corrected to the Tenkan-sen line. The closest support level is Tenkan-sen line (1201.83). The closest resistance level is the upper border of the cloud (1207.50). On the daily chart Tenkan-sen line has crossed Kijun-sen from above, both lines are directed downwards. Confirmative line Chikou Span is crossing the price chart from above, current cloud is ascending. The instrument is trading below Tenkan-sen and Kijun-sen lines; the Bearish trend is still strong. The closest support level is the lower border of the cloud (1195.65). One of the previous maximums of Chikou Span line is expected to be a resistance level (1209.45).
Long trades can be opened as soon as we get a confirmative signal from Chikou Span line (the line should cross the price chart). Presumable entry point is 1202.80, Take Profit – 1214.80, Stop Loss – 1196.50.
Forex Analysis

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