Gold price is trading around $1,910. In Ichimoku cloud terms in the 4 hour chart trend has changed to bullish as price has broken above the 4 hour Kumo (cloud) resistance. Today we see price turning lower and challenging the cloud from above. Price has broken below the tenkan-sen (red line indicator). As long as price is above $1,908, trend remains bullish. The kijun-sen (yellow line indicator) provides support at $1,903. Bulls do not want to see price break below this level. This would be an important sign of weakness for the 4 hour chart. The Chikou span (black line indicator) has moved above the candlestick pattern (bullish), but is getting rejected at the cloud resistance. According to the Chikou span, a break above $1,925 would be an important bullish signal. For the time being bulls seem to be getting control of the near term trend. Price has also started making higher highs and higher lows. Bulls must maintain this trend and defend the cloud.
