Gold price is challenging horizontal support and recent lows at $1,850. Price in Ichimoku cloud terms is in bearish short-term trend as in the Daily chart price is below the Kumo (cloud). As long as price is below $1,900 we continue to be short-term bearish expecting a move towards $1,800-$1,750.
Gold price has resistance at $1,906. This is very important price level because there we find the lower cloud boundary and both the tenkan-sen and kijun-sen indicators. The Chikou span (black line indicator) is below the candlesticks and pointing lower. All signs are bearish. The chances favor a push lower towards $1,750-$1,800. Confirmation of this scenario will come with the break of $1,850.The material has been provided by InstaForex Company – www.instaforex.com
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