Gold price bounced as expected but price remains under pressure. Gold continues to hold above the 4 hour Kumo (cloud) support. As expected price bounced strongly higher today, but the bounce was short-lived.
Gold price continues to trade above the Kumo. This means that there is still hope for bulls to see price move higher. Support is at $1,762. Resistance by the tenkan-sen (Red line indicator) is at $1,772 and by the kijun-sen (yellow line indicator) at $1,778. Bulls need to defend cloud support and eventually break above $1,778 in order to produce a new bullish signal. Gold's price action today is not very favorable to bulls. Gold produced a lower high today and if price breaks below $1,760-55 area, then we will get a new bearish signal. Traders need to be cautious.
