FX.co ★ Ichimoku cloud indicator analysis of Gold for March 28, 2018

Gold price as expected has pulled back and got rejected at the resistance area. As explained in our previous analysis, Gold price was expected to move lower towards $1,320-30 area. I believe the pull back has started.

Gold price is making lower lows and lower highs and is breaking below the 4-hour kijun-sen (yellow line indicator). This implies more weakness ahead and a move towards the cloud support around $1,320.

Magenta line - long-term resistance

Blue line - long-term support

On a weekly basis we remain above both the tankan- and kijun-sen indicators. Price as expected got rejected at the long-term resistance trend line. Support on a weekly basis is at $1,332 and next at $1,300. I believe the $1,300 support will not be broken. However I believe that we will briefly move below the $1,332 level.