Ichimoku cloud indicator analysis of Gold for January 3, 2018

Gold made new highs yesterday near $1,318. Trend remains bullish. Gold price has reached an important resistance area. I remain bearish on Gold but would want to see this week to turn bearish for my scenario of a move towards $1,210 to remain valid.

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The price remains above both the tenkan- and kijun-sen (red and yellow line indicators). Support is at $1,310 and the next one is at $1,300. Bears need first to break below these two levels. However bulls will only start to get worried if price breaks below $1,270.

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The magenta line is the long-term resistance trend line

Gold price has bounced off the Ichimoku cloud as expected. The price is approaching the magenta trend line resistance. As long as we are below this resistance trend line, there is still a chance for a pull back at least towards $1,270.

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