FX.co ★ Ichimoku cloud indicator Daily analysis of Gold

Gold price managed yesterday to break above the Daily Ichimoku cloud. Today we have a back test. Our short-term bullish target has been achieved. However in order for the bullish trend to continue, bulls will need to keep price above the Kumo and not break below $1,850.

Gold price is trading right on top of the upper cloud boundary. This is now support. Entering the cloud will turn trend neutral. Support is next at $1,850-41. Breaking below this level will increase the chances of making new short-term lows below $1,809. Next key resistance is at $1,884. We keep a close eye on the Gold price over the next few sessions to see how it reacts around the Kumo (cloud).