Gold price made a bounce towards the short-term cloud resistance of $1,727. Price action is bearish. Price got rejected at the cloud resistance and is turning lower. Gold bulls remain weak in the short-term as long as price is below the Kumo (cloud). At $1,709 we find the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is short-term support. At $1,707 we find the lower cloud boundary. This is important short-term support. Failure to hold above these levels will lead Gold to a move lower. The inability by bulls to break above the cloud is a sign of weakness. If price breaks also below support, we will have confirmation that bears remain in full control of the trend.
