Ichimoku cloud indicator Daily analysis of Gold for May 13, 2020

By | May 13, 2020
InstaForex
Ichimoku cloud indicator Daily analysis of Gold for May 13, 2020

Relevance up to 10:00 2020-05-14 UTC–5

Gold price is back above $1,700-$1,705. This is a sign of strength. However price remains trapped below important resistance trend line making price create lower highs. The Ichimoku cloud indicator so far supports the bullish continuation scenario.

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Black line -resistance trend line

Gold price remains in a bullish trend in the Daily chart. Price is above both the tenkan-sen and the kijun-sen. Support is key at $1,690-95 area. As long as price is above this level trend is bullish. Breaking below this level will open the way for a move towards $1,630. Resistance as we mentioned in our previous analysis remains key at $1,720-25. Breaking above this level will push price to new 2020 highs.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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