Gold price closed last week with a break below the weekly Kumo (cloud). This is a bearish sign. The implications of such a break down if confirmed will be seen over the coming months, possibly with a bigger pull back.
Gold price is below the weekly Kumo (cloud). Resistance by the lower cloud boundary is at $1,759. Bulls need to at least capture this level in order to avoid any short-term weakness. The longer price stays below the cloud the higher the chances of more selling pressure to come. The tenkan-sen (Red line indicator) is below the kijun-sen (yellow line indicator) which is another bearish signal. The Chikou span (black line indicator) is below the candlestick pattern which is yet another bearish sign. Bears are taking control of the trend.