Ichimoku cloud indicator analysis of Gold

Gold bulls are trying to support Gold price and trying to recapture the key pivotal level of $1,850. As we mentioned many times before, the $1,850 level is a very important price level and both bulls and bears will fight hard to gain control over it.

Gold price in the 4 hour chart is turning above the Kumo (cloud). Staying above the cloud and above $1,850 will be decisive for the trend of Gold price for the next weeks. Short-term support is found at $1,840 and resistance at $1,890. Price must be established above the 4 hour Kumo in order for bulls to regain control of the trend. Failure to hold above $1,850-40 will open the way for another push lower towards $1,800.