FX.co ★ Short-term Ichimoku cloud analysis of Gold

Gold price made a low today at $1,706 and is now trading at $1,731. Short-term trend remains bearish but there are some signs of bullish strength that might justify a bounce towards $1,756 or even $1,786.

Gold price is trading below the 4 hour cloud confirming short-term bearish trend. Price is below the tenkan-sen (Red line indicator) also confirming bearish trend. However price is challenging the last 4 hours the resistance by the tenkan-sen. Breaking above $1,733 could push price towards the kijun-sen (yellow line indicator) at $1,758. If price breaks the kijun-sen resistance also then we could see price challenge the Kumo (cloud).