Gold is trading around $1,790. Daily chart remains in bullish mode according to the Ichimoku cloud indicator, however there are some signs of weakness that can not be ignored. Price is below the tenkan-sen (red line indicator). This is a sign of weakness. The kijun-sen (yellow line indicator) provides support at $1,776. A break below the kijun-sen will lead price towards the Kumo (cloud) at $1,720-25. The Chikou span (black line indicator) remains above the candlestick pattern (bullish). Combined with the technical warnings by the RSI we saw last week, it is very probable that Gold will back test the cloud support after the break it made back in early November.
