Gold price is trading around $1,794 a little bit lower than were it ended on Friday. In our last analysis we mentioned that the sharp rise in price without any pull back, justified a return of price towards the 38% Fibonacci retracement which it had recently broken.
In Ichimoku cloud terms short-term trend remains bullish as price is still above the 4 hour Kumo (cloud). price has broken below the tenkan-sen (red line indicator) and this makes price vulnerable to a move towards the kijun-sen (yellow line indicator) now found at $1,783. Bulls do not want to see price break below the Kumo (cloud). Bulls want price to test the kijun-sen and reverse to the upside after testing it.
