FX.co ★ Ichimoku cloud indicator analysis of Gold for May 13, 2021

Gold price was expected to pull back towards $1,800. Price today made a low at $1,807 and is now bouncing higher towards $1,825. Price is still in bullish trend, however traders should not ignore the possibility of another move lower towards cloud support at $1,775.

Gold price has back tested the tenkan-sen (Red line indicator) and so far it was respected. Trend remains bullish and there is no sign of weakness. If price turns lower and breaks below the tenkan-sen at $1,805, then we should expect Gold price to move lower towards the kijun-sen (yellow line indicator) at $1,784 and why not at the cloud support of $1,775. Until then bulls remain in full control of the trend.