Gold price is trading around $1,755. Short-term trend according to the Ichimoku cloud indicator remains neutral as price is still inside the Kumo (cloud). Price is bouncing towards the upper cloud boundary and we expect to see how price reacts as it approaches major resistance. Price is above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). This is in favor of the bulls. The chikou span (black line indicator) is below the candlestick pattern. This is bearish. Resistance according to the chikou span is at $1,765. Price is inside the Kumo. This is neutral. Bulls need to break above $1,764 in order for trend to turn to bullish. A cross of the tenkan-sen above the kijun-sen will also be a sign of strength. Until then price remains vulnerable to a move lower. Support by the tenkan-sen and kijun-sen is found at $1,747-42. A break below this level will push price towards $1,725 next.
