FX.co ★ Gold vulnerable to a move lower

Gold price has broken short-term support at $1,920 and the triangle pattern to the downside. This is not what we expected but we were prepared for such an outcome. Gold price is now vulnerable to push lower towards $1,900.

In Ichimoku cloud terms Gold price remains in a bullish trend as price is still above the cloud. However bulls have a lot of work ahead of them otherwise there will be danger of seeing price pull back inside the cloud towards $1,875, Bulls need to bounce strongly off this $1,910-$1,900 area and recapture $1,955, Until this happens price will be vulnerable to a move below $1,900 towards $1,850-800.