Gold price is bouncing higher. Price is above the Ichimoku cloud and as we approach it price is moving out of the trading range it was in for the last couple of weeks. Gold price is strengthening and bulls seem to regaining control of the short-term trend.
Gold price remains steadily above the tenkan-sen (red line indicator). The Kumo (cloud) is below price providing key support for the Daily trend according to the Ichimoku cloud indicator. Resistance is at $1,979 by the kijun-sen (yellow line indicator). Support at $1,900 has been respected thus far and this was the key for bulls. Bears were unable to break the support and now they are in a difficult position as the bullish momentum is strengthening.