Gold price is trading around $1,790 as price is still in a bullish short-term trend according to the Ichimoku cloud indicator. Price seems vulnerable to more downside but so far no reversal signal has been provided. Gold price is still above the Kumo (cloud). Gold price is below the tenkan-sen (red line indicator) but still above the kijun-sen (yellow line indicator). Short-term support is found at $1,786 to $1,773. This entire area is key short-term support. As long as Gold is above it, bulls are in control. Recent high at $1,805.55 remains our key resistance as it is a lower high, signalling a deterioration in bullish momentum. The Ichimoku cloud indicator will provide a bearish signal once price breaks below $1,773 lower cloud boundary. Short-term trend will change to neutral from bullish if and when price enters the Kumo (cloud) between $1,782 and $1,773.
