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Ichimoku cloud indicator analysis of Gold for April 27, 2018

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The Gold price continues lower towards our $1,310 target. The trend remains bearish. Price is forming a bullish wedge pattern. I believe it is now time to close short positions and look for a Gold trend reversal at least for the short-term. Once Gold price breaks out above the wedge pattern, we will have our signal. In cloud terms, the trend remains bearish as long as the price is below $1,335.

Ichimoku cloud indicator analysis of Gold for April 25, 2018

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Gold price bounced as expected yesterday, but the bounce was a shallow one. The price reached the broken short-term trend line support that was broken and back tested it. The price got rejected at the resistance previous support and is now back near the week lows. I expect the decline to stop around $1,310 and Gold to start a new upward move from that area.

Ichimoku cloud indicator analysis of Gold for April 19, 2018

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The Gold price broke above short-term resistance at $1,350 and tried to reach $1,360 area but was unable. The price pulled back towards $1,350 after reaching $1,355. Gold remains right below the important resistance area of $1,355-65 and bulls will need to convincingly break above it for a move towards and above $1,400 to take place. Until Gold breaks that area, I will remain bearish looking for $1,310-$1,300.

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