Gold price remains stuck around $1,950. Gold made a high at $1,991 but price closed below key resistance of $1,970. Gold price was unable to break above the kijun-sen indicator and is now pulling back towards short-term support at $1,950.
Gold price is at a critical junction. Price is above the Kumo and this is a good medium-term sign. However price is stuck between the kijun-sen and tenkan-sen. The Chikou span (black line indicator) is challenging the candlestick pattern which is support. Bulls do not want a rejection at $1,950-70 area as this will be a weakness sign. If this happens then I expect Gold price to challenge $1,900 next. If bulls recapture $1,970 and stay above it, we will next recapture $2,000. Gold price is in a corrective sideways move. Short-term trend is unclear. The key levels to watch are $1,900 and $1,990. A break of either will be decisive for the trend in September.
