Gold price is trading around $1,800. Gold price has broken above the key downward sloping resistance trend and is now trading above the 4 hour Kumo resistance. Price is also above both the tenkan-sen and kijun-sen indicators.
Support by the tenkan-sen (red line indicator) is at $1,800 and a 4 hour candlestick close below this level will put pressure on price and will most probably move lower towards the kijun-sen (yellow line indicator) at $1,793. The Kumo (cloud) provides the final support at $1,778. As long as price is above the cloud bulls remain in control of the trend. Price is making higher highs and higher lows. A pull back towards the $1,793 kijun-sen and the black trend line at $1,786 as a back test is justified and can not be ruled out.
