In Ichimoku cloud terms Gold price has provided a new bearish signal on a Daily basis as price broke below the cloud support. Last week we warned traders that Gold was in a neutral trend as price was trading inside the Kumo (cloud) and was vulnerable to more downside if support at $1,925 were to break.
Gold price on Friday broke below the kijun-sen (yellow line indicator). This was a new sign of a weakness. Today price broke below $1,925 where the lower cloud boundary was found and is trading below $1,900. Bulls need to push price above $1,925 in order to have some hopes of a reversal. $1,925 is now resistance. Bears seem to take control of the short-term trend.
