Gold price remains in a bullish trend since $1,820 when it initially broke above the 4 hour Kumo. Price continues making higher highs and higher lows, while it continues to stay above the Ichimoku cloud.
Gold price initially reached our $1,850-60 target, pulled back towards support of $1,840 and then made a new move higher towards $1,900. Price continues to respect the kijun-sen (yellow line indicator) which is the most important support level in the 4 hour chart. Currently the kijun-sen is at $1,874 and as long as price is above this level, bulls will remain in full control of the trend. Is there much more upside left? So far we have had no sign of a reversal. Bulls remain in full control of the trend, however the RSI has started providing us with warning signs of coming reversal. Bulls need to be cautious. $1,886 is key short-term support that if broken, will provide the first reversal sign.
