Gold price remains in a bullish short-term trend as price continues to trade above the 4 hour Kumo (cloud). Price recently showed reversal signs and after making a high around $1,973, it turned lower towards cloud support. So far the Kumo is being respected and price remains above it.
Gold price has successfully back tested the cloud support and is now bouncing off of it. The upper cloud boundary is at $1,891 and as long as price is above it, bulls are in control of the short-term trend. The kijun-sen (yellow line indicator) is at $1,926 and this is a key short-term resistance. Support is also found at $1,906. A break below the tenkan-sen (red line indicator) will open the way for a move towards the cloud to test the $1,891 support.
