Gold price has pushed inside the Ichimoku cloud (Kumo) and has turned daily trend to neutral from bearish. So far despite the recent rejection at the Kumo (cloud), price had held above the tenkan-sen (red line indicator) support the bullish scenario. Let's not forget that we also saw a bullish flag break out a few days back that also targets $1,855-60 area.
Gold price has resistance now at the upper cloud boundary at $1,833. Breaking above this level will be a bullish signal. The tenkan-sen (red line indicator) is trading above the kijun-sen (yellow line indicator) and this is supportive of the bullish scenario. Support by the tenkan-sen is at $1,798. Bulls do not want to see price break below $1,798. This would be a sign of weakness.
