Gold price ended last week under pressure with price breaking below the Daily Kumo (cloud). This week Gold price started again under heavy pressure making new lower lows around $1,720, but bulls made a come back and are now reclaiming $1,740. Gold bulls are trying to re-enter the Kumo. This would turn Daily trend to neutral from bearish. It is important to see a daily close above $1,740 as this could lead to a bigger bounce towards $1,780. The tenkan-sen (red line indicator) has already crossed below the kijun-sen (yellow line indicator). This is a bearish sign. On the other hand the daily candlestick in Gold suggests that bulls are strong around $1,720 and that long upper tail candlestick is a sign of a bullish reversal. Gold is showing reversal signs the day we reached the 61.8% Fibonacci retracement of the entire rise. All bulls want to see now is for price to start forming higher highs and higher lows.
