Gold price is showing short-term trend reversal signs. Gold price is moving higher at the beginning of the week breaking above the tenkan-sen at $1,861. This implies that a move towards the next key resistance at $1,882 is highly probable.
Trend remains bearish as price is still below the Kumo. The Chikou span (black line indicator) is below the candlestick pattern and this confirms the bearish trend we are currently in. However with price breaking above the tenkan-sen (red line indicator) we have the first sign of a possible bounce. Support is at $1,850 and as long as this level holds, bulls expect price to move towards $1,880. Major short-term resistance is found at $1,900-$1,910. What was once support, is now resistance.
