Gold price is challenging the 4 hour Kumo (cloud). Trend remains bearish in the 4 hour chart as long as price is below the cloud. Gold price has made a double bottom at $1,677 area and has produced a bounce towards the most important short-term resistance area of $1,720-40.

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Support by the tenkan-sen (Red line indicator) is at $1,721. Support by the kijun-sen (yellow line indicator) is at $1,703. If price gets rejected here at the cloud resistance we should expect a pull back towards $1,700. If the support by the kijun-sen is broken, then most likely we will see new lows below $1,677. If we see a higher low around $1,700 and a break above the Kumo (cloud), this would be a very bullish signal that could bring Gold price towards $1,800 again.The material has been provided by InstaForex Company – www.instaforex.com

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