Gold price was mainly under pressure this week. Bulls were unable to hold price above $1,850 and pushed price below $1,800. Short-term support levels were broken and Gold price remains vulnerable to a move lower as long as $1,850 holds as resistance.
Gold weekly candlestick has entered the weekly Kumo (cloud). This is not a good sign. Resistance by the tenkan-sen (red line indicator) is at $1,871. The upper cloud boundary is at $1,820. Bulls need to break above the cloud in order to hope for a move higher. But it seems that bears are gaining control of the trend. Price is vulnerable to a move towards the lower cloud boundary at $1,759. The week we are about to close below the weekly lows of the past 8 weeks. If bulls do not step in to push price above $1,850, next week might see Gold price below $1,750.
