Gold price has broken below $1,700 and is challenging the July lows. Trend remains bearish. The Ichimoku cloud indicator provided us with a bearish signal on time 5 trading days ago. Gold is down each and every day since then. Gold price broke below the lower cloud boundary on August 26th. The tenkan-sen (red line indicator) crossed below the kijun-sen (yellow line indicator) the same day.Gold has not made a positive trading session since then. Our initial bearish signal when Gold price got rejected at the cloud at $1,800 remains intact. Bears remain in full control of the trend with no sign of turning around. Although technically a reversal in the trend is justified, so far bulls seem to be weak.
