Gold price made big swings today falling from $1,909 to $1,882 and back to $1,908. US election results continue to provide no clear view on the winner as more time is needed for more reliable information. We expected this rise in volatility and technically Gold remains below cloud resistance.
Price pulled back today towards the tenkan-sen and the kijun-sen indicators, briefly falling below them. Price bounced back up towards yesterday close levels and below the cloud resistance at $1,910. Today's low is very important for the short-term trend and if we see price break below it, we should expect more selling to follow. Being below the Kumo is not good for bulls. Bulls need to push at least inside the Kumo if not break above it soon. Staying below the Kumo (cloud) will increase the chances of another price rejection. Bulls will have big trouble if price breaks below $1,882 again.
