Gold price is making new lower lows today. Price is around $1,713 trading below the Ichimoku cloud (Kumo). Trend remains bearish according to the Ichimoku indicator. The last bearish signal we got from this chart was a couple days ago when the tenkan-sen (red line indicator) crossed the kijun-sen (yellow line indicator) and at the same time the daily price candlestick closed below the cloud. Gold price remains vulnerable to more downside as we mentioned in previous posts. Resistance is now at $1,738 for the short-term. The Chikou span (black line indicator) is challenging the candlestick pattern. If the Chikou span breaks below the candlestick pattern (support of $1,710-15), then we should expect more downside for Gold.
