Gold price according to the Daily Ichimoku cloud indicator is in a neutral trend. Price has not managed yet to break above the Daily Kumo (cloud) and turn bullish. Despite the big upward bounce from $1,677 to $1,797, Gold price has not managed to break the cloud to the upside. However bulls still have hopes.
Gold bulls seem unable for now to break above the upper cloud boundary. Resistance is at $1,775-80 area where we find the upper cloud boundary and the tenkan-sen (Red line indicator). Support by the kijun-sen (yellow line indicator) and the lower cloud boundary is at $1,736. Staying below $1,775-80 makes price vulnerable to a pull back towards $1,740-35 as we also explained in our technical analysis. Bears on the other hand need to push price below $1,740-35 in order to break out and below the Kumo. This would be a bearish signal. Until price breaks below $1,735, bulls still have hopes for a move higher.The material has been provided by InstaForex Company – www.instaforex.com