FX.co ★ Ichimoku cloud indicator analysis of Gold

Gold price is trading around $1,800 and is in a clear bearish short-term trend. Today we use the Ichimoku cloud on a weekly basis to see what price could Gold reach during this pull back.

With price below the tenkan-sen and kijun-sen short-term trend is bearish and vulnerable to a move towards cloud support at $1,670. Resistance on a weekly basis is found at $1,870-88 area and as long as price is below this level, we expect price to continue lower and consider each bounce as a selling opportunity.