Ichimoku cloud indicator analysis of gold for March 6, 2018

Gold price tried to move towards the resistance of $1,330 but bulls were unable to hold the price above the tenkan-sen at $1,321-23. Trend remains bearish. Price is still below the 4hour cloud.

Kijun-sen support is at $1,315. A break below it will push the price towards $1,300. Resistance remains at $1,326 where the lower boundary of the cloud resistance is found. Any bounce so far is a selling opportunity as long as we trade below the cloud.

Magenta line -resistance

In the daily chart the price got rejected at the upper cloud boundary and is challenging the tenkan-sen support at $1,320. A daily close below it will push the price again towards the lower boundary towards $1,300. A break below $1,300 will push the price towards $1,280. This is my preferred scenario so far.

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