The gold price bounced yesterday towards the first important resistance at $1,334 but there are signs of rejection. The price is in a bearish short-term trend as we are now again below the 4-hour Ichimoku cloud.
The gold price moved above the 4-hour tenkan-sen briefly but got rejected at the lower cloud boundary. The price is now again below the tenkan-sen. The trend is clearly bearish in the short term. Support is at the recent low of $1,320. Resistance is at $1,334 and next at $1,335.60. A break above $1,335.60 will open the way for a move towards the upper cloud boundary at $1,346.
On a daily basis, the gold price has made a double top at $1,355. The price is again below both the tenkan- and kijun-sen indicators. The price is heading towards the cloud support at $1,300. Resistance is at $1,340. So far the price has made a higher low relative to the February low on the 8th. As long as the price is above the low from the 8th, a break higher would be very bullish.
The material has been provided by InstaForex Company - www.instaforex.com