Gold price is trading around $1,925. According to the Ichimoku cloud indicator in the 4 hour chart, trend is bearish as price remains below the 4hour Kumo (cloud). Price is already making an attempt to break inside the Kumo. With the kijun-sen (yellow line indicator) providing resistance at $1,926 and the lower cloud boundary at $1,928, resistance in the area around $1,927 is key. Price is trading above the tenkan-sen (red line indicator) but the Chikou span (black line indicator) remains below the candlestick pattern (bearish). The Ichimoku cloud indicator remains mostly bearish and if price gets rejected at $1,927, we should expect more downside. Bulls need to recapture $1,928 and push price above the cloud in order to reclaim control of the trend.
