Gold price is in a bearish trend according to the Ichimoku cloud indicator. Price is below the Kumo (cloud) and has just broken above the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). This a positive sign but not a strong one.
Gold price has the potential to reach the lower cloud boundary at $1,806 as long as price is above $1,758 (the tenkan-sen indicator). So far this bounce is considered a counter trend bounce and we expect price to get rejected at $1,800-$1,810. A bullish signal will be given if bulls manage to push price above the Daily Kumo resistance at $1,830-35.
