Ichimoku cloud indicator analysis of Gold for April 13, 2018

Gold price continued with its pull back yesterday towards $1,330 while now is trading around the key level of $1,340. In Ichimoku cloud terms, trend remains bullish in the short-term as the price is again above the cloud. However, the rejection at the long-term resistance and the ugly intraday reversal was a major weakness sign that could have longer-term bearish implications.

Red line – long-term resistance

Blue line – support

Green line – long-term support

Yesterday’s daily candle closed below both the tankan- and kijun-sen. This is not a good sign. Today’s candle is trying to move above them. Bulls need a close above $1,340 while bears need a move below yesterday’s lows. Trend remains bullish, but the big rejection at $1,365 implies that a new wave lower has started. Bulls still have hopes, but also a big fight ahead of them.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku cloud indicator analysis of Gold for April 13, 2018