Ichimoku cloud indicator analysis of gold for March 5, 2018

The Gold price is still trading below the Ichimoku cloud in the 4hour chart. The trend remains bearish. Important short-term resistance is just above $1,330. Bulls need to break it in order to continue to the bounce higher.

The Gold price is trading above both the tenkan- and the kijun-sen. Support is at $1,320. Resistance is at $1,330-33. A 4 hour close below $1,320 will increase chances of a new leg lower starting towards $1,280. A break above $1,340 will increase the chances that the double top will break and Gold price will move towards $1,400.

Magenta line - long-term resistance

The Gold price in the Daily chart remains inside the Kumo. The trend is neutral. Resistance is at the upper cloud boundary at $1,330-31. Support is at $1,300. As long as the price is above $1,300 and below $1,331 I prefer to be neutral or sell near resistance or buy near support. A break of either level will turn me bearish or bullish respectively.

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