Ichimoku cloud analysis of Gold

Gold price has started the week on a strong foot and price is breaking out of the Ichimoku cloud. Staying above the Daily Ichimoku cloud is key for the short and medium-term trend of the house.

Trend in the Daily chart is bullish as long as price is above the Daily Kumo (cloud). Support is found at the upper cloud boundary at $1,775. Breaking below this support level will put the metal under pressure and get prices lower towards $1,740. Bulls need to hold price above the Kumo in order to remain in control. The tenkan-sen (Red line indicator) and the yellow one (kijun-sen) are both positively sloped and this is a promising sign that we might get another bullish signal by this apartment.