Ichimoku cloud indicator analysis of gold for February 8, 2018

Gold remains in a bearish trend making lower lows and lower highs. Gold has the potential to fall below $1,300 towards $1,290-80 at least. Any bounce as long as price remains below $1,345 is a selling opportunity.

Gold price is trading below both the tenkan- and kijun-sen. Trend is bearish as long as price is below $1,345. Support is now at $1,300 and next at $1,380. Resistance is at $1,320 and next at $1,329.

The rejection on the daily kijun- and tenkan-sen indicators has kept price below them and vulnerable to a move towards cloud support at $1,290-80 as we mentioned in previous analysis. Daily resistance is at $1,340. A daily close above it will be a bullish sign. Until then bears are in control of the short-term trend.The material has been provided by InstaForex Company - www.instaforex.com