FX.co ★ Ichimoku cloud indicator short-term analysis of Gold for December 19, 2019

Gold price is below major short-term resistance. Price is also forming a short-term triangle pattern and soon I believe we will see the end to this sideways move and Gold will either move towards $1,550 or $1,430.

Green line - support

Gold price is trading close and around the tenkan- and kijun-sen indicators. Price is also below the Daily cloud resistance implying that trend remains bearish. We said it many times before in our previous analysis that as long as Gold price is below $1,490-$1,500 we remain bearish. Breaking above it will open the way for $1,550-$1,600. Both the trend line resistance and the Kumo are in our way. Both are inside the $1,490-$1,500 area which is resistance. So we have confirmed resistance levels by many indicators. Support is at $1,462 as shown by the green upward sloping trend line. Bulls do not want this trend line broken. Because if support fails to hold, combined with the fact that we are below the Kumo, a rejection here would open the way for a move at least towards $1,430 if not lower.