Gold price continues to trade above recent highs and previous resistance of $1,830. Gold is around $1,840 and as we mentioned in previous posts, it has potential to move higher towards $1,860 and the major downward sloping resistance trend line.
Using the Ichimoku cloud indicator in the 4 hour chart as shown below, we see that Gold is in a bullish short-term trend as price is above the Kumo (cloud). Price is also above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Short-term support is found at $1,835 and $1,825. Below that we find the upper cloud boundary support at $1,818. As long as price is above $1,818, we continue to expect a move higher towards $1,860.
Gold bulls have the upper hand for now and as long as price holds above $1,818. Price is making higher highs and higher lows. Next upside target is at $1,860.
