FX.co ★ The Ichimoku cloud indicator remains bearish for Gold.

Gold price has broken once again below the 4 hour Kumo (cloud) support and price is moving lower towards the December 2 lows. Such price action increases the chances we see lower lows relative to December 2nd and the $1,761 low.

Resistance by the kijun-sen (yellow line indicator) is at $1,777. Bulls need to break above this level in order to show a first sign of strength. Short-term trend will only change if price breaks above the 4 hour Kumo (cloud), now found at $1,788. Support by the December low is at $1,761. Will gold form a double bottom? Concluding, the Ichimoku cloud indicator has not confirmed any trend change. Bears remain in control of the trend.