Technical Analysis Gold Price Forecast Gold Pulls Back On Profit Taking - 26 January 2018 Gold Pulls Back On Profit Taking - 26 January 2018 Friday, 26 January 2018 10:38 Share 0 Tweet 0 Pin it 0 +1 Gold prices ended Thursday’s session down $9.14 an ounce, as the dollar bounced after U.S. President Donald Trump said he wanted a strong dollar. Some normal profit-taking pressure was also behind gold’s 0.67% decline yesterday. The market challenged the resistance at $1365 twice, but it was unable to pass through. Consequently, XAU/USD fell below $1355 and tested $1344 as support. XAU/USD is currently trading at $1352.71 an ounce, higher than the opening price of $1346.94. The long-term charts are bullish, with the market trading above the weekly and the daily Ichimoku clouds, but the resistance in the 1358/5 area may limit the upside in gold as market participants await key U.S. economic data. If the market gets back above 1358, a fresh assault on 1365 seems possible. The bulls will have to overcome this strong barrier in order to set sail for 1375. To the downside, the 1344 level stands out as a key technical support. If this support is broken, then the 1341 level will be the next target. Breaking down below 1341 suggests that prices are heading back to 1333/0, the top of the Ichimoku cloud on the H4 chart. Currency Pairs Gold Alp Kocak Alp Kocak has been trading Forex since 2003. He writes technical analysis based on Japanese candlesticks and Ichimoku Kinko Hyo.