Gold price is trading just above $1,800. Price is bouncing off the major November low at $1,760 that was tested in previous days. A double bottom formation could push price back to $1,900. Today we use the Ichimoku cloud indicator to see the key levels that must be broken in order for Gold to break above the key pivot point of $1,850 and move towards $1,900.
Despite the strong bounce of $1,760, Gold price in the 4 hour chart remains below the Kumo (cloud). This is a bearish sign. Price touched the Kumo (cloud) and got rejected. Price is above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by these two indicators is at $1,803 and $1,787. Holding above these two levels is crucial for the short-term trend.
On a daily basis Gold price remains well below the Kumo (cloud) and is now challenging the tenkan-sen and kijun-sen resistance levels. The tenkan-sen is still below the kijun-sen and both with negative slope. If price moves above the tenkan-sen and kijun-sen this would be a first step in order for bulls to regain control of the short-term trend. If the tenkan-sen crosses above the kijun-sen then we will have a weak buy signal. Of course the most important bullish signal will come with price breaking above the cloud resistance at $1,860. Until then the battle continues with bears having the control of the trend.The material has been provided by InstaForex Company – www.instaforex.com
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