Gold price earlier today pushed briefly above the $1,800 price level. However as we mentioned in our previous analysis, the key resistance is at $1,800-$1,810 and traders should be cautious in case a rejection occurs. Price eventually got rejected and is now at $1,792.
Gold price is trading below the Ichimoku cloud in the 4 hour chart. Price got rejected at the cloud resistance and the kijun-sen (yellow line indicator). This was a bearish sign. Price is now trading below the tenkan-sen (red line indicator). It is important to see if the 4 hour candlestick closes below the tenkan-sen. Closing below it, we will have another sign of weakness. This should be the warning signs that a new lower low is coming for Gold. If bulls manage to push price above $1,805, 4 hour trend will change to neutral.
