Analysis of the Ichimoku gold index for today, September 28

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Analysis of the Ichimoku gold index for today, September 28The price of gold is showing signs of a reversal of the short-term trend. Gold price is moving higher at the beginning of the week, breaking above the tenkan-sen line at $1,861. This means that a move towards the next major resistance at $1,882 is highly probable and a break of it will lead to a further rally.

At the moment the trend is still to the downside since the price is below the Kumo cloud. Chikou span (green line) is below the candles and this confirms the downtrend we are currently in. But with the price breaking above tenkan-sen (red line indicator) we have the first sign of a potential bounce. Support is at $1,850 and as long as this level holds, the bulls expect the price to move towards $1,880. The main resistance in the short term is at $1900: $1,910. What was once support, is now resistance.

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