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Gold price continues to respect cloud support. In our previous posts we noted that as long as Gold price remains above the Ichimoku cloud, bulls will have the upper hand. Gold price is challenging recent highs at $1,784 while price is now at $1,781.
Gold price tested the cloud support once again and price is bouncing again. Yesterday we said that bulls need to hold above the cloud and break above yesterday's high. Yesterday's reversal was not a good sign and that is why bulls needed to break above it. This will increase the chances of price breaking also the black downward sloping resistance trend line. Support by the cloud in the 4 hour chart is at $1,775-70. Bulls need to defend this. Resistance by the trend line is at $1,792. Recapturing the $1,790-95 level, bulls will most probably get the upper hand and confirm the trend reversal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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