In our Ichimoku cloud analysis on Gold we warned traders that if Gold price were to break below $1,820, it would provide a bearish signal and would increase chances of reaching $1,800 and breaking below it. Gold is now trading at $1,791.
Green line -support
Gold price got rejected just below the red resistance trend line. We noted the reversal signals on time as price was unable to hold above $1,830 which was the break out level. Gold price is falling sharply towards its major support trend line at $1,780. This is not the time to be bearish Gold as price is approaching key support area. Bulls do not want to see this triangle pattern break to the downside. Bulls will defend the green support trend line.
