Ichimoku cloud indicator analysis of Gold for March 12, 2018

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The Gold price remains inside the trading range of $1,300-$1,350. Price is moving above and below the 4-hour cloud for the last couple of weeks. There is no clear trend. This is better depicted in the Daily chart as price remains inside the cloud.

Ichimoku cloud indicator analysis of Gold for March 12, 2018

Red line - resistance

Blue line - support

The price is trading again above the 4hour Ichimoku cloud. The price reached again just above the $1,310 area and bounce towards the cloud area. Support is at $1,312.50 and resistance at the kijun-sen (yellow line indicator) at $1,326. There is no clear short-term trend.

Ichimoku cloud indicator analysis of Gold for March 12, 2018

Magenta line - long-term resistance

Red line - support trend line

On a daily basis, the Gold price is inside the Daily Kumo. Trend is neutral. Support is at $1,300 while resistance is at $1,337-40. Long-term resistance is at $1,350 and we will get very bullish on a break above that area. Until then we prefer to remain cautious.