Gold price is trading around $1,960 just above the 4 hour Ichimoku cloud (Kumo). As expected when Gold was trading above $2,030, price has turned lower towards the Kumo support. Our pull back target was around $1,950-60 and Gold today reached as low as $1,958.
Gold price so far is respecting the cloud support. Trend remains bullish as price is above the Kumo. Resistance by the tenkan-sen (Red line indicator) is at $1,983. The kijun-sen (yellow line indicator) is the most important short-term resistance and it is found at $2,014. Bulls do not want to see price break below the cloud. The recent low at $1,958 is also important short-term support. Failure to stay above it will bring price lower towards $1,939.
