FX.co ★ Gold under pressure, bulls try to defend.

Gold price reached $1,816 earlier today. It was normal as price broke below key support levels last week. However bulls have stepped in and are fighting bears around $1,850 key pivotal level. Trend however in the short-term is neutral. Next couple of sessions will be decisive.

Gold price is inside the Daily Kumo (cloud). Trend is neutral. Bulls are trying to support price. Price is now at $1,847. In Ichimoku cloud terms trend is neutral as price is inside the Kumo. Bulls need to break above the cloud and recapture $1,865. However the key resistance for the resumption of the up trend is at $1,887 where we find the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Breaking the Kumo upwards and the tenkan-sen and kijun-sen would be an important bullish signal. Until then price is vulnerable to the downside. If price breaks below the lower cloud boundary at $1,840 on a daily close, then we expect more downside price action.