Gold price is at $1,797. Gold price is below the 4hour cloud. This is a sign of weakness. Gold price is vulnerable to a move lower, unless bulls manage to reclaim $1,810.
The tenkan-sen (red line indicator) resistance is at $1,802.75. The kijun-sen (yellow line indicator) resistance is at $1,809. This is also where we find the lower channel boundary. Bulls need to break above this level in order to have hopes for a move towards $1,855-60. As long as price is below $1,809-10 price will be vulnerable to more downside. As we explained in our last analysis, our expectations are to see Gold form a higher low between $1,880 and $1,890 before moving higher towards $1,855-60.
