After a strong finish for bulls on Friday, Gold came very close to test the Kumo (cloud) resistance. The weekly open found Gold price strong making new higher highs. However when price reached the Kumo, we saw price get rejected. According to the Ichimoku cloud indicator in the 4 hour chart, bears remain in control of the trend as price is still below the cloud. Support by the kijun-sen (yellow line indicator) and by the tenkan-sen (red line indicator) is found at $1,643. This is important short-term support. Resistance at $1,660 has been confirmed with recent price action. Bulls need to break above this level in order to hope for a bigger bounce towards $1,700.
