Gold price is making new lower lows towards $1,854 where we find the cloud support. In previous posts we warned traders that in order for Gold to change trend to bullish in the short-term, prices will need to move above the kijun-sen (yellow line indicator).
Gold price continues to trade above the Kumo (cloud) in the Daily chart. Price today made a lower low. As we mentioned before, as long as price is below the kijun-sen, price will be vulnerable to a move lower. The kijun-sen remains our key resistance at $1,974. The Chikou span is above the candlestick pattern and is approaching key support now at $1,913-$1,903. At current market conditions, I prefer to stay neutral Gold as I see it is more probable for price to continue lower.
