FX.co ★ Ichimoku indicator analysis of gold for October 10, 2017

Gold price has broken above the short-term resistance trend lines and is testing important cloud resistance at $1,290. Breaking above the 4-hour cloud will be an important short-term reversal confirmation. I continue to believe that the next leg up towards $1,400 has started.

Black line -resistance

Red line - resistance

Gold price is trading above both the tenkan- and kijun-sen indicators and tries to break above the 4-hour Kumo (cloud) resistance. Support is at $1,280. Breaking above the Kumo will be a bullish sign.

On a weekly basis, Gold price has reacted positively right at the support by the 61.8% Fibonacci retracement. Last week's bullish hammer candlestick pattern is promising for the weeks to come. Last week's low is important support and bulls do not want it broken.