FX.co ★ Ichimoku cloud analysis of Gold

Gold price continues to struggle below the key pivot level of $1,850. Price reached as high as $1,847 today but we observe some signs of rejection. Price hit the 4 hour Kumo (cloud) and is turning lower. Short-term trend remains bearish. Bulls need to recapture $1,850 otherwise there is danger of a move below $1,800 towards $1,750 again.

Support by the tenkan-sen (red line indicator) is at $1,827 and by the kijun-sen (yellow line indicator) at $1,816. Breaking below these short-term support levels will increase chances of a move below $1,800 towards $1,750.