Daily review of GOLD on 07.05.18. Ichimoku Indicator
In June, gold performed a correction decrease from the monthly Tenkan (1300.86) to the monthly Kijun (1248.78), while testing support for the lower boundary of the weekly cloud and the historic level in the area of 1240. The supports were noticed, and now we are seeing a corrective recovery. The depth of correction depends now on the importance and role of the supported supports, as their overcoming and consolidation under support opens up new, significant landmarks for the players. One of these targets will be a downward target for the breakdown of the weekly cloud, the execution of which can lead gold to the lows of the end of 2016 (1100-1150).
During the upward correction, an upward target for the breakdown of the H1 cloud was worked out for the first target, and the resistance of the H4 cloud was met. The breakdown of the goal of H1 and the cloud of H4, now strengthened by the higher-tier levels (1264,32-77), opens new prospects for recovery. To the resistance of the higher halves 1264.77 – 1273.23 – 1278.55 – 1281.25 it will be possible to add the target to the breakdown of the H4 cloud. The center of attraction is now the zone 1254.92 – 1251.58 – 1248.78. The key support is the district 1240.
all time intervals 9 – 26 – 52
Color of indicator lines:
Tenkan (short-term trend) – red,
Kijun (medium-term trend) – green,
Fibo Kijun is a green dotted line,
Chinkou is gray,
clouds: Senkou Span B (SSB, long-term trend) – blue,
Senkou Span A (SSA) – pink.
Color of additional lines:
support and resistance MN – blue, W1 – green, D1 – red, H4 – pink, H1 – gray,
horizontal levels (not Ichimoku) – brown,
trend lines – purple.