Gold price has recently made a low at $1,750 and is now trading at $1,775. According to the Ichimoku cloud indicator in the 4 hour chart, trend remains bearish as long as price is below $1,780. In order for trend to change to bullish again, bulls will need to recapture $1,810-15.
Gold price tested the 4 hour Kumo (cloud) once again today and got rejected. Support by the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) is at $1,768-70 level. A 4 hour close below this level will be a short-term bearish signal and sign of weakness. If support fails to hold, I expect price to make new lows towards $1,740. Breaking above $1,780 will change trend to neutral and bulls will have to push price above the 4 hour Kumo in order to change trend to bullish.
