Gold price briefly pushed above $1,730 key resistance today but sellers were stronger and price is making a bearish reversal now. Price is entering the short-term Ichimoku cloud now and combined with the rejection at the $1,730 resistance, this is a bearish sign.
Gold price is again below both the tenkan-sen and kijun-sen. Bulls did not want price to get rejected at $1,730 and definitely they did not want price to break inside the cloud. Price has now potential to move towards $1,706 support and the lower cloud boundary. Breaking below this level would be a bearish sign. Resistance remains at $1,730. In order for the bullish scenario to be confirmed, we need to see price break this resistance. Today's price action confirms the importance of this resistance level. Let's see now if support holds. Bulls are still alive but need to come back if they want to see price move higher towards $1,780.
