Ichimoku cloud indicator analysis of gold for February 22, 2018

The Gold price is trading below the 4-hour Kumo. This is a short-term bearish sign. The price bounced towards cloud resistance yesterday and was unable to break it. The price got rejected and moved to new lows yesterday.

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The price is making lower lows and lower highs. The price is below the Ichimoku cloud. Resistance is at $1,331 and next at $1,341. Support is at $1,308. Short-term oscillators are oversold and justify a bounce. In the 4-hour chart, there is no reversal signal to the upside yet.

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Magenta line - long-term resistance

Blue line - long-term support

On a weekly basis, the weekly candle is testing the weekly tenkan-sen support. The 2nd rejection at the magenta trend line resistance was a bearish sign. I still believe we are going to test the kijun-sen at $1,300. If we hold it, we could bounce higher. Otherwise, I cannot rule out even a pull back towards the blue long-term trend line support around $1,220-40.

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