Gold price is in a bearish trend according to the Ichimoku cloud indicator as price is below the 4hour and Daily Kumo. Today Gold price is bouncing towards cloud resistance. It is common to see a back test after the cloud is broken. This back test is important.
If Gold price is rejected at the lower cloud boundary we will have a new bearish sign, strengthening the bearish trend. Price is above the tenkan-sen (red line indicator) at $1,791. Breaking below the tenkan-sen support, we will have confirmation of the rejection and a new bearish signal. Bulls on the other hand want price to move higher and above the cloud resistance. So far bears remain in control of the short-term trend.
