Gold price as expected has tested the lower cloud boundary at $1,827 after breaking inside the Kumo (cloud). Price today is bouncing strongly higher challenging the tenkan-sen and kijun-sen indicators. Price is at $1,845 and remains inside the Kumo. Bulls need to break above the cloud in order to regain control of the trend.
Both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator) are below the price. Resistance by these two indicators is at $1,842-45 and price is now breaking above this level. It is important for price to remain above $1,840-45 and eventually break out of the cloud, in order for the up trend to resume. Support remains key at $1,827. Below this level bears retake control of the trend.
