Ichimoku cloud indicator analysis of Gold for February 2, 2018

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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.

Ichimoku cloud indicator analysis of Gold for February 2, 2018

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.

Ichimoku cloud indicator analysis of Gold for February 2, 2018

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.