Ichimoku cloud indicator analysis of Gold for April 18, 2018

Gold price continues to trade sideways below the short-term resistance of $1,350. Support at $1,338-40 is very important for the short term. I'm expecting another leg down towards $1,300 as the most probable scenario. Only a break above $1,365 will cancel this view and automatically make me bullish looking for a move towards $1,400-$1,430.


Red line -long-term resistance

Gold price is trading inside the Kumo (cloud). Price is now at support. Any move below $1,340 will be a sign of weakness. A daily close below $1,338 will be a sign of further weakness to come and probably $1,300. Bulls should first break above $1,350 resistance which is the recent highs. After that, they will need to make new 2018 highs and cancel the false break out of last week.

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