Ichimoku cloud indicator analysis of gold for March 9, 2018

Gold price pulled back below the Ichimoku cloud yesterday as the US dollar strengthened. The price action remains inside the wider trading range of $1,310-$1,350. The short-term trend has turned bearish again as the price is now again below the cloud support.

Red line — neckline resistance

Blue line — trend line support

Red triangle — Head

Blue triangles — shoulders

Gold price is trading below the Ichimoku cloud on the 4-hour chart. However, the price may be forming an inverted head and shoulders pattern. For this pattern to be valid, we need to see the gold price moving higher towards $1,338 and test the neckline. This way the right shoulder will be formed. This is now very important resistance.

Magenta line — long-term resistance

Red line- trend line support

Daily trend remains neutral as the price is inside the Daily Kumo. The price has broken the red trend line support and the tenkan-sen (red line indicator). $1,300 is important cloud support. If broken, we should expect the gold price to go towards $1,280-70. Resistance is at $1,340. Upon a break above it, we will most probably break above the double top resistance.

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