Gold price is in a bullish short-term trend as price is trading above the 4 hour Kumo (cloud). Price is making higher highs and higher lows. We use the Ichimoku cloud indicator to identify key support levels that if broken could signal the start of a pull back.
Gold price is trading above both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Support by the tenkan-sen is at $1,829 and support by the kijun-sen is at $1,814. A break below the tenkan-sen would be a sign of weakness and price would be expected to move lower towards the kijun-sen and the Kumo (cloud). The Chikou span (black line indicator) is trading above the Kumo and the candlestick pattern confirming bulls remain in control. Key support by the Kumo (cloud) is at $1,816.50. Bulls do not want to see price break below this level.
