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Gold price is trading at weekly highs around $1,994. In Ichimoku cloud terms trend remains bullish in the 4 hour chart as price is still above the Kumo (cloud). Yesterday price pulled back towards the kijun-sen (yellow line indicator) and found support before touching the cloud support. Gold price never closed below the kijun-sen. On the contrary price bounced off the kijun-sen indicator and broke above the tenkan-sen (red line indicator) resistance. Price is now making higher highs. Support by the tenkan-sen and kijun-sen is at $1,982 and $1,977 respectively. Holding above these two levels is key for the near term trend. The Chikou span (black line indicator) remains bullish as it is found above the candlestick pattern. Bulls remain in control of the near term trend after breaking above the cloud at $1,975. Price pulled back forming a higher low and is now pushing to new highs. Price behaviour is bullish and so far there is no sign of a 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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