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Gold price is under pressure. In our previous analysis we noted the importance of the cloud resistance and in case of a rejection, that would be a new bearish signal. Trend remained bearish as price never broke inside the cloud. On the contrary price got rejected and broke below both the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator). The Chikou span (black line indicator) remains also below the candlestick pattern (bearish). Resistance remains key at $1,928 area. As long as we trade below this level, trend will remain bearish.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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