Ichimoku cloud indicator analysis of gold for February 2, 2018

Gold is holding above support although it tested $1,336 yesterday, now it is trading above $1,347 and is challenging cloud resistance. Trend is about to turn bullish again in the 4-hour chart as price is about to break above the cloud. Today's NFP announcement is expected to provide some volatility in Gold prices.

Black rectangle - resistance

Green rectangle - support

Gold price is inside the 4-hour Kumo (cloud). Trend is bullish in the small time frames with an upward slope. Resistance is at $1,350. Support is at $1,345 and next at $1,334. With Non-Farm Payrolls announced today, we could expect a pullback towards support to validate it and then bounce strongly.

Yesterday's daily close was above the tenkan-sen indicator. This is a bullish sign. Price remains below the long-term resistance at $1,350-55. A rejection today at $1,355 and a move below $1,334 will open the way for a push lower towards $1,323 or lower. Respecting support at $1,334 could produce a bounce and a new upward move to new highs.The material has been provided by InstaForex Company - www.instaforex.com