FX.co ★ Ichimoku cloud indicator of Gold

Gold price is in a bearish short-term trend. Price is below the Kumo (cloud) and the key pivot level of $1,850 that was tested so many times before. In all our previous analysis we noted that $1,850 is the most important level. Staying above it will be key for the up trend. Breaking below it will make Gold price vulnerable to another pull back below $1,800.

Gold price is breaking below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The resistance by the tenkan-sen is at $1,820 and by the kijun-sen at $1,829. The Chikou span (black line indicator) is below the candlestick pattern and this is a bearish sign. Recent low is at $1,784. Breaking below it will push price to $1,730-$1,700. Bulls need to reverse to the upside from current levels soon. The more times it takes to turn upwards, the less likely it becomes.