Gold price is trading at $1,810 after getting rejected at the $1,833 resistance as we explained yesterday. Bulls need to recapture the $1,833 level in order for the up trend to remain intact. Price remains supported in the short-term as one can see price is still above the 4hour Ichimoku cloud.
Price is now challenging the 4 hour Kumo. Having broken below the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator), testing the cloud support is justified and expected. Bulls need to push price back above the tenkan-sen which is now resistance at $1,815. Just above at $1,816 we find the kijun-sen. If bulls manage to break above it, then we can say that at least a short-term low is in. Bulls need to step in and react now in order to make price bounce off the cloud. This would be a bullish signal. Breaking below the cloud support would be a bearish signal.
