Gold price is trading above $1,850. Price is in a neutral trend according to the Ichimoku cloud indicator. Price has recently broken inside the Kumo (cloud) turning trend to neutral. Price is vulnerable to a move lower towards $1,840 and lower as long as price is below $1,855.
Price has broken below the tenkan-sen (red line indicator). This is the first sign of weakness. Support is now found at $1,850 by the kijun-sen (yellow line indicator). Bulls need to defend $1,850 as a break below it will open the way for a move towards $1,840 at least. Bulls need to push price out of the cloud once again. For this to happen they will need to push price above $1,855. The Chikou span (black line indicator) remains under pressure as it is located below the candlestick pattern.
