Gold price is at a crucial junction. Gold price broke above the 4 hour Kumo (cloud) and then pulled back for a back test. Bulls are now trying to bounce price off the support area. This would be an important bullish short-term sign. Recapturing $1,700 and establishing a strong support at current levels will increase the chances for a move to new 2020 highs.
Red lines - trading range
Black line -resistance trend line (broken)
Gold price is trying to move above the 4 hour Kumo (cloud) once again. If support at $1,700-$1,690 holds, I will expect Gold price to move towards the next resistance level of $1,723. A break of this resistance will push price to 2020 highs. Conclusion: Bulls remain in control but not 100%. Price remains inside the trading range as shown by the red line in the chart above. Price moving above the cloud increases the chances of breaking the range to the upside. This could result in Gold price reaching $1,770-$1,800.
