Ichimoku cloud indicator analysis of gold for February 7, 2018

Gold price broke below the $1,334-30 support and pushed towards $1,319-23 where the Head and shoulders neckline support is found. The price briefly broke the neckline but reversed back upwards towards $1,331. As long as price is below $1,345 I believe it is more probable to see $1,310.

Blue line - neckline support

Black rectangle - resistance

Gold price is trading below both the tenkan- and kijun-sen 4 hour indicators. Trend is bearish. Resistance is at $1,333-35 and next at $1,345-48. As long as the price is below the 2nd resistance, trend will remain bearish and I will be expecting prices to move towards $1,310-$1,300.

On a daily basis, Gold price is trading below both the tenkan- and kijun-sen indicators. Trend is showing reversal signs. Daily resistance is at $1,340. A daily close above $1,340 will put bears on a difficult spot. A break of yesterday lows will be a bearish sign and would push price towards a cloud support. A break above $1,348-50 will open the way for a move towards $1,380-$1,400.The material has been provided by InstaForex Company - www.instaforex.com