FX.co ★ Ichimoku cloud analysis of Gold

Gold price is trading below the 4 hour Kumo (cloud). This is bearish for the short-term. We have mentioned many times before that $1,850 is a key pivot level and bulls need to recapture it. Otherwise price will be vulnerable to a deeper pull back.

Resistance by the Kumo (cloud) is at $1,841. The tenkan-sen (red line indicator) is at $1,844 while the kijun-sen (yellow line indicator) is at $1,852. The Chikou span (black line indicator) is below the candlestick pattern and this is another bearish sign. It seems that bears are taking control of the trend. However in order to see price move lower, bears will need to break below support of $1,809.