Ichimoku cloud indicator analysis of gold for January 29, 2018

Gold price is showing signs of weakness and could pull back towards cloud support of $1,330 before resuming the upward trend. Trend remains bullish.

Gold price is trading below both the Tenkan- and Kijun-sen. Besides, it is trading above the 4 hour cloud. The short-term trend is bullish as long as price is trading above the 4 hour cloud. Resistance is at $1,357. Breaking above it will be a bullish signal.

Magenta line -resistance

Blue line -long-term support

Gold price is trading around the long-term resistance area. This weekly candle is very important. Trend remains bullish but a rejection at $1,350 area will be a bearish sign. Price could pull back towards $1,300 where we find the important weekly support by the Kijun- and Tenkan-sen.

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