Gold price is trading around $1,980. According to the Ichimoku cloud indicator trend in the 4 hour chart is bearish. Price is trading below the Kumo (cloud). The tenkan-sen (Red line indicator) is below the kijun-sen (yellow line indicator) and both are negatively sloped. The Chikou span (black line indicator) is also below the candlestick pattern (bearish). In Ichimoku cloud terms, trend is bearish and price vulnerable to more downside. Resistance is found at $2,005-$2,014. As long as we trade below this resistance area, bears will control the trend and price will be vulnerable to a move lower towards $1,920.
