Gold price according to the Daily Ichimoku cloud indicator is in a neutral trend. Price has not managed yet to break above the Daily Kumo (cloud) and turn bullish. Despite the big upward bounce from $1,677 to $1,797, Gold price has not managed to break the cloud to the upside. However bulls still have hopes.

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Gold bulls seem unable for now to break above the upper cloud boundary. Resistance is at $1,775-80 area where we find the upper cloud boundary and the tenkan-sen (Red line indicator). Support by the kijun-sen (yellow line indicator) and the lower cloud boundary is at $1,736. Staying below $1,775-80 makes price vulnerable to a pull back towards $1,740-35 as we also explained in our technical analysis. Bears on the other hand need to push price below $1,740-35 in order to break out and below the Kumo. This would be a bearish signal. Until price breaks below $1,735, bulls still have hopes for a move higher.The material has been provided by InstaForex Company – www.instaforex.com

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