Gold price is trading inside the Kumo (cloud). Trend is now neutral according to the Ichimoku cloud indicator. Gold price is vulnerable to more downside. In our previous analysis we noted the warning signs by the bearish divergence and the wedge pattern Gold price was in. Gold price so far respects the lower cloud boundary. A break below $1,774 will turn short-term trend to bearish. At $1,788 we find the upper cloud boundary and first important resistance level. At $1,793 and at $1,798 we find the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) respectively. Bulls need to push price above these levels in order to reclaim control of the short-term trend.
