Ichimoku cloud indicator analysis of gold for March 8, 2018

Gold price is making higher highs and higher lows in the 4-hour chart and is breaking above the Kumo. Trend is turning bullish. Medium-term trend is neutral as price remains inside the Daily Kumo and still inside the $1,350-$1,310 trading range.

Price is above the 4-hour Kumo. Support is at $1,322-16. Resistance is at $1,340. So far it looks like bulls remain in control as the critical support of $1,300 has been held and price has now started again to make higher highs and higher lows.

Magenta line -long-term resistance

Red line - short-term support

Gold price is trading inside the Kumo in the Daily chart. The low at $1,302 so far is the most important support level and as long as price is above it, I will be expecting the short-term uptrend to continue and eventually break above the double top for new highs. We also find support at $1,320. Break below it and we will test $1,300. Resistance is at $1,340. Break it and most probably we break the double top.

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