Gold price is trading around $1,874. In Ichimoku cloud terms, trend remains bearish despite the recent bounce towards $1,906 area. Price remains below the Kumo (cloud) and the recent rejection when price tested the cloud, is another sign that bears remain in control of the trend.
Price recently tested the cloud resistance but bulls failed to enter the cloud. Price is under pressure below the Kumo. At $1,898 we find the current cloud resistance. Bulls need to break above this level in order to hope for a bigger reversal to the upside. Support remains at $1,860. Bulls need to defend this level.
