FX.co ★ Short-term technical analysis on Gold for September 6, 2021.

Gold price last week reached the major resistance at $1,833. Price got rejected and is pulling back. It is important for the longer-term trend for bulls to break above $1,833 as this would be a major bullish signal. Until then price remains vulnerable.

Red line -major resistance

Blue line- horizontal resistance

Gold price has stopped its advance at the horizontal resistance of $1,833. Bulls need to break above this horizontal resistance level in order to continue higher towards our $1,855-60 target area. Price continues making higher highs and higher lows. Failure to stay above $1,800 will be a sign of reversal. This is not something bulls want to see.

Gold price remains inside the Ichimoku cloud. Trend remains neutral in Ichimoku cloud terms. Bulls need to break above the cloud. At $1,800 which we mentioned is a key technical support, we also find the lower cloud boundary. Bulls do not want to see price fall below the cloud again.