As we mentioned in previous posts using the Ichimoku cloud indicator, Gold price was vulnerable to more downside as long as price remained below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). Gold price today is making new lower lows. Price remains under pressure. Trend is clearly bearish as price is well below the Kumo (cloud). The Chikou span (black line indicator) is below the candlestick pattern and price over the last 8 sessions is unable to close the day above the tenkan-sen. Gold is now challenging key weekly support at 41,790-$1,800.
