Gold price is trading around $1,652. Trend remains bearish in the 4 hour chart as price has failed in several attempts to break into the Kumo (cloud). Despite yesterday's volatility, Gold remains in a bearish trend and vulnerable to more downside. Gold got rejected yesterday after the CPI announcement but price came back up towards the cloud. Gold price got rejected once again at the lower cloud boundary. Price remains below both then tenka-sen (red line indicator) and the kijun-sen (yellow line indicator. A break below yesterday's lows will be a new bearish signal. Yesterday Gold's low was at our second target of $1,640. A break below this level will accelerate the decline towards $1,600. Short-term resistance is found at $1,661-65 and next at $1,671.
