Gold price is pulling back today but price remains above the cloud support. Price is now also above the kijun-sen (yellow line indicator). This is a positive sign. Bulls need to defend the cloud support in order for Gold to gather momentum for the next leg higher.
Support by the upper cloud boundary is found at $1,952. As long as price is above this level, bulls are in control of the trend according to the Ichimoku cloud indicator. A pull back and test of the upper cloud boundary is justified and something bulls want. Why? Because a higher low will help them gather momentum for the next leg higher.
