Gold price remains in a bearish trend according to the 4hour Ichimoku cloud indicator. Price is bouncing higher towards cloud resistance. In order for trend to change, bulls will need to push price above the cloud.
Gold is above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by these two indicators is found at $1,769 and $1,761. Breaking below these two support levels, we should expect Gold price to fall to new lows below $1,740. Resistance by the cloud is at $1,775-80 area. A rejection here would be a sign of weakness. Bulls need to push price at least above $1,785 in order to reclaim control of the trend.
