FX.co ★ Gold price continues to respect cloud support

Gold price has made another pull back towards cloud support at $1,713 and so far price remains above the Kumo. Bulls continue to have the control of the trend and as long as price continues to trade above $1,700, we remain cautiously optimistic.

Gold price has pulled back below the tenkan-sen (red line indicator) and the kijun-sen (yellow line indicator) but remains above the Kumo (cloud). Price is bouncing off cloud support. Short-term resistance is found at $1,731. A daily close above this level will open the way for the break above $1,750 and a move towards $1,780-$1,825 area. Bulls do not want to see price break inside the Kumo and below it. This will be bad news for Gold bulls.