Gold price is trading above $1,970. According to the Ichimoku cloud indicator in the Daily chart we are very close to a trend change from bearish to neutral if price closes today inside the Kumo (cloud). As we mentioned in previous posts, with Gold price above the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator), price should be challenging the lower cloud boundary. Today price is doing exactly that as we continue seeing higher highs and higher lows. In the 4 hour chart the Ichimoku cloud indicator suggests we are in a bullish trend. In the Daily chart the Chikou span (black line indicator) has crossed above the candlestick pattern (bullish). The tenkan-sen is now crossing above the kijun-sen, something which is also another sign of strength. However price remains below the cloud and the most important singal would be for price to break above the cloud. The bullish reversal scenario is getting more points as long as price holds above the kijun-sen and.
