Gold price is trading at $1,817. Short-term trend is bullish as price is trading above the Ichimoku cloud in the 4 hour chart. Price continues to respect cloud support and the tenkan-sen. Gold price in the Daily chart remains inside the Kumo. Bulls want to see price break above the cloud in order for price to push higher towards the bull flag target of $1,855-60.
Gold price is above both the tenkan-sen and the kijun-sen. Support is at $1,810 and at $1,801. Below that we see as support the cloud at $1,790. As we mentioned in previous posts, it is important for price to stay above the cloud in order for the short-term trend to remain bullish.
Gold price is inside the Daily Kumo. Trend is neutral on a daily basis. In a previous
analysis we noted the break of the bullish flag pattern and the target of $1,855-60. If bulls manage to break above the Kumo at $1,833, then it will be highly likely that we reach $1,855-60.
