Ichimoku cloud indicator analysis for Gold for February 5, 2019

Gold price after topping at $1,326 has made a 15$ pull back and is now trying to bounce higher once again. Although technically trend remains bullish, I prefer to be neutral Gold at current levels as I expect this pull back to at least go towards $1,300.

Gold price is above both the tenkan- and kijun-sen (red and yellow line indicators) as well as the Daily Kumo (cloud). Support is found at $1,300-$1,303 area and if this level is broken we should expect prices to move towards the Kumo (cloud) support around $1,280-70. So far trend remains bullish as price continues to make higher highs and higher lows. As long as Gold is above $1,300, our next upside target is at $1,350.The material has been provided by InstaForex Company - www.instaforex.com