Gold price is trading around $1,637. In our previous analysis we noted that price justified a bounce towards $1,670 where the Kumo (cloud) resistance was found. Earlier today Gold price reached as high as $1,668 and got rejected. Recent Gold's price behavior confirms the importance of the cloud resistance at $1,670. Bulls need to break above this level in order to hope for a bigger bounce towards $1,700. Gold remains vulnerable as price remains below the Kumo. The kijun-sen (yellow line indicator) remains our most important short-term resistance level.
